Bridges

UK-Hong Kong FinTech Bridge

June 09, 2019 | Regulation
UK-Hong Kong FinTech Bridge

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.

 

What is being carried out under the Bridge?

HK FinTech Awards

The Department for International Trade and InvestHK’s FinTech Awards offer businesses from Hong Kong an exciting opportunity to explore the UK’s world-leading FinTech ecosystem, get connected to potential clients, peers and investors and get equipped to set up in the UK. The awards are open to Hong Kong-headquartered companies with at least one year’s operational history with the intent to set up in the UK within the next three years. For more information please contact ivan.yip@fco.gov.uk.

Pilot program

The Department for International Trade launched a pilot program for 10 UK firms in April 2019 to run across the UK-Hong Kong 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 Bridge opens further opportunities for UK fintech companies and addresses barriers faced as they undertake their international expansion.

HM Treasury and the Hong Kong Monetary Authority hold an annual Financial Dialogue. This meeting brings together governments and regulators to share experience of financial services policy, including our response to emerging trends in innovation. This is an opportunity to address issues experienced by fintechs seeking to enter each market. Firms that have experience of moving into either the UK or Hong Kong and would like to raise issues that may be addressed through the FinTech Bridge discussions should contact fintech@hmtreasury.gov.uk.

The Financial Conduct Authority and the Hong Kong Monetary Authority have signed a co-operation agreement to support firms navigate the regulatory system in each market. Firms that meet certain eligibility criteria can access services including a referral system to direct firms to both regulators’ Innovation departments. The FCA and Hong Kong Insurance Authority also signed a co-operation agreement to enable sharing of information and a referral mechanism for eligible firms seeking to move between each market.

Who is eligible to benefit from the FinTech Bridge?

  • UK FinTech businesses expanding into Hong Kong
  • Hong Kong FinTech businesses expanding into the UK
  • Investors seeking opportunities in both markets

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