The UK has entered 5 FinTech Bridge agreements with other FinTech hubs including Singapore, South Korea, China, Hong Kong, and Australia. These bespoke agreements create valuable opportunities for the UK by overcoming barriers to international market entry and linking UK-based FinTechs with opportunities for international investment through:
- Collaboration between key players in the UK FinTech sector and in Bridge markets on emerging market trends
- Regulatory agreements that support firms to overcome market access barriers in each jurisdiction
By sharing knowledge and best-practice with Bridge jurisdictions, and aligning international FinTech policy development, we are increasing opportunities for FinTech firms to export solutions to key markets at pace.
HM Treasury, the Department for International Trade, and the Financial Conduct Authority are responsible for the delivery of FinTech Bridge policy.
UK-Australia FinTech Bridge
The UK-Australia Fintech Bridge was signed in March 2018 at HM Treasury’s International FinTech Conference by the Chancellor of the Exchequer, Philip Hammond and Australian Finance Minister, Scott Morrison. The Bridge is underpinned by a regulatory cooperation agreement signed between the Financial Conduct Authority (FCA) and the Australian Securities and Investment Commission (ASIC) that enables the regulators to refer fintech firms that meet set eligibility criteria to their counterparts and sets out how the regulators share and use information on financial services innovation in their respective markets. Regulators also committed to exploring a reduction in the time frame of the licensing approval process for firms moving between both markets.
A Pilot Program has been devised to run across the Australia FinTech Bridge during 2019. The Program aims to bolster existing frameworks, providing tailored, structured support for each company within the cohort. In doing so, the aim is to open further opportunities for UK financial technology companies and to reduce barriers faced as they undertake their international expansion.
The FinTech Bridge Program Cohort for 2019 is: Crowd2Fund, Disberse, Fractal Labs, pirkx, Recordsure, Smart Pension, Thyngs, TradingHub, True Layer
To find out more and request FinTech Bridge support from HMTreasury, please email email@example.com.
To find out more and request FinTech Bridge support please email FSO Fin Techs FSOfintechs@trade.gov.uk.