The Partnership between the governments of the UK and US sets out a framework to deepen bilateral engagement on emerging trends in financial services innovation. This include increasing partnerships between DIT and the US Department of Commerce to encourage collaboration in the private sector, share information and expertise about regulatory practices, and promote growth and innovation. The Financial Innovation Partnership focuses on two main areas:
- Regulatory Engagement: dialogue between authorities and with the private sector is critical to identify and address potential regulatory synergies, share lessons, and develop closer working relationships. The United States and United Kingdom will build on existing regulatory cooperation by discussing regulatory developments and sharing experiences on technical issues related to innovation in financial services.
- Commercial Engagement: the FIP also seeks to promote a dynamic private sector that supports entrepreneurs and new business models – a necessary driver of financial innovation. It will provide enhanced and regular opportunities for the private sector in one country to engage with industry associations, and market participants in the other country.
The ministers at the Department for International Trade work across Whitehall and internationally to secure UK and global prosperity by promoting and financing international trade and investment, and championing free trade.