Barclays in Indian Fintech Venture

Barclays might sell its wealth management unit in Asia but the U.K. based bank is still keeping some links to the region.

In partnership with space provider 91springboard, Barclays will launch «Rise» in India during the second quarter of 2016, according to a statement sent on Thursday. Rise is a network of physical spaces and a virtual community designed to bring together «the world’s brightest thinkers and doers» to create the future of financial technology.

The new site in Mumbai marks Barclays’ expansion of its Rise programme to a fifth country, following the already opened London, Manchester, New York and Cape Town Rise hubs and the soon to open Tel Aviv location.

A Model For Global Collaboration

The partnership with 91springboard will include the setting up of a physical hub located in the heart of Mumbai, the country’s financial capital. Rise Mumbai will provide technology entrepreneurs in India access to a global network of experts, businesses and partners, empowering them for rapid scale and growth

«We are very excited about the launch of Rise in India. With this, we intend to provide a model for global collaboration, innovation and growth in financial technology to the budding fintech entrepreneurial eco-system in India, enabling them to grow and achieve the scale and success they deserve,» said Lubaina Manji, Head of Rise and Group Innovation Office, Barclays.

Becoming Asia Lite?

Despite the modest Indian fintech move the London headquartered bank appears to be becoming Asia lite as it now describes itself as a «transatlantic» consumer, corporate and investment bank.

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