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:
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-Hong Kong FinTech Bridge
The UK-Hong Kong FinTech Bridge was signed in London in September 2017 by Katharine Braddick, Director General of Financial Services at HM Treasury and Ms Shirley Lam, Special Representative for Hong Kong Economic and Trade Affairs to the European Union. The Bridge is underpinned by a regulatory cooperation agreement that enables collaboration on a number of initiatives such as a referral mechanism that enables regulators to refer innovative firms that meet set eligibility criteria to their counterparts; joint innovation projects; and information exchange and experience sharing, to facilitate financial innovation in the United Kingdom and Hong Kong.
A Pilot Program has been devised to be run across the 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 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: AMPLYFI, Artificial Labs, ComplyAdvantage, Delio, Novastone, Onfido, Paymentology, Seedrs, Trade Ledger, Transferwise
To find out more and request FinTech Bridge support from HM Treasury, please email firstname.lastname@example.org.
To find out more and request FinTech Bridge support please email FSO Fin Techs FSOfintechs@trade.gov.uk.