New UK-India tech hub to be opened in confidence boost for the City amid Brexit uncertainty

A new tech hub to promote business between the UK and India will be opened today in a show of confidence in the City amid ongoing Brexit negotiations.

The UK India Tech Hub will be officially opened in the £1.7bn Royal Albert Dock business district in East London by investment minister Graham Stuart and High Commissioner of India Ruchi Ghanashyam.

The project will promote cross border support for early stage tech firms between the UK and India, focusing on fintech, blockchain and AI as well as smart cities tech.

UK-India venture capital fund Pontaq has funded the hub, in which it will set up its new headquarters.

The hub will give Pontaq’s portfolio of companies access to funding as well as office space and aims to host 50 businesses in the next three years.

Pontaq chairman Mohan Kaul said: “British businesses, and those investing in the UK from abroad, have spent the last three years under a cloud of uncertainty surrounding Brexit.

“But despite the six-month delay, business just has to get on with things.

He added: “With the launch of the UK India Tech Hub, we are determined to show that Britain remains open for Indian business whatever the outcome of the UK’s negotiations with the EU.”

Seven tech startup businesses from India will pitch to investors before the hub’s inauguration ceremony today.

The hub will form part of Royal Albert Dock business district, which is expected to contain 5m square feet of estate when completed.

Speaking in the City at the end of last year, Ghanashyam said: “UK expertise in tech and fintech and strengths in innovation and India’s skilled manpower and start-up culture will help to ensure the creation of high value jobs, higher productivity and will help us to tackle shared challenges.”