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-Republic of Korea FinTech Bridge
The UK-Republic of Korea FinTech Bridge was launched in July 2016 during the third UK-Korea Financial Dialogue in London by HM Treasury and the Korean Financial Services Commission. The Bridge is underpinned by a regulatory co-operation agreement signed by the Financial Conduct Authority (FCA) and the Korean Financial Services Commission (FSC) that enables the regulators to share information about financial services innovations in their respective markets, including emerging trends and regulatory issues. A mechanism is now in place to enable regulators to refer fintech firms that meet set eligibility criteria to their counterparts.
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.