(Yicai Global) Nov. 13 -- The long-awaited scheme to link the Shanghai and London stock markets could go live next month, according to the UK capital's deputy mayor.

Rajesh Agrawal, who has responsibility for business development in the London government, made the comments in an interview with Chinese newspaper 21st Century Business Herald ahead of a visit to China this week with 12 London-based fintech firms.

The market linkage program will allow London-listed firms to issue Chinese Depository Receipts in the Chinese city while Shanghai-listed companies may issue Global Depository Receipts in the UK capital, thereby connecting transactions of both markets. Chinese regulators issued rules on the scheme last month and the Shanghai bourse has issued draft business rules.

Agrawal's delegation aims to help forge a partnership between companies from the two countries and explore business opportunities in Shanghai, Hangzhou and Beijing.

The presence of Chinese third-party platform Alipay is growing in UK high street shops, Agrawal said, adding that London is quite a large market for China's fintech companies. China is also a large potential market for western firms, and he hopes businesses from both countries can reach cooperation agreements.

The delegation also aims to promote the rapid development of companies and to offer them a chance to enter new markets as well as collaborate and communicate with local partners, said Agrawal, who is also the founder of foreign exchange company RationalFX and money transfer service Xendpay.

Editor: William Clegg