Indian diplomat, Ant Group discuss fintech innovation, economic ties

Indian Consulate General in Shanghai Pratik Mathur met with Ant Group's senior leadership. The discussion focused on fintech innovation, digital economy opportunities, and deepening economic ties between the two nations.

Consulate General of India in Shanghai Pratik Mathur on Thursday met with senior leadership of the Ant Group, one of China's leading innovative technology providers in healthcare, environment and energy conservation, and financial services. Mathur met with Carrie Suen, Vice President and Head of Global Affairs and Strategic Development of the Ant Group and the discussion focussed on fintech innovation, digital economy opportunities and deepening economic ties, the Consulate General of India said

"Both sides had a productive discussion on fintech innovation, digital economy opportunities and deepening economic ties, highlighting how advanced technology and sustainable development can drive inclusive growth and empower the GlobalSouth through digital and cost effective solutions that ensure prosperity for all," Consulate General of India in Shanghai posted on X.

Context of Relaxed FDI Norms

This meeting comes close on heels of the Indian government having relaxed norms for inward investments from countries that have land borders with India. The relaxation in norms is expected to help increase FDI into India.

In order to curb opportunistic takeovers or acquisitions of Indian companies due to the COVID-19 pandemic, the Government had amended the FDI Policy in 2020. An entity of a country, which shares a land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country were allowed to invest only under the Government route. Additionally, any transfer of ownership of any existing or future FDI in an entity in India resulting in the beneficial ownership falling within the aforesaid jurisdiction(s) also requires Government approval. (ANI)

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