At today’s UK China Business Leaders Forum at the Guildhall, Economic Secretary to the Treasury John Glen reiterated the UK’s openness to doing business with China, adding that he is confident the UK will continue to be a leader in Finance.
Glen cited the number of Chinese businesses which understand the importance of having a UK hub. “The Square Mile is home to over 30 Chinese financial service institutions,” he commented, adding that the opportunity to expand this relationship is “massive”.
“In 2016, we launched the UK China FinTech Bridge and we’re already seeing examples of UK and Chinese companies coming together,” he added. The ‘bridge’ is one of five FinTech Bridges, which also include Hong Kong, Singapore, Korea and Australia, and represent a bespoke agreement outlining collaboration between two governments, cooperation between regulatory bodies and connectivity between two markets and ecosystems.
They aim to encourage the sharing of information, including emerging trends and regulatory issues, with counterparts and discussions around areas of best practice. “OakNorth and Greensill, two of the UK’s FinTech leaders, have both applied to operate in China,” said Glen.
Glen made it clear that, although China is a vital country to trade with, he feels the UK will retain the FinTech crown. “The UK will remain the leading global financial and FinTech sector. Together the UK and China can continue to grow from strength to strength.”