02 September 2019

Exclusive: Economic Secretary confident UK will remain global FinTech leader

Written By FinTech Alliance in Investment

Exclusive: Economic Secretary confident UK will remain global FinTech leader

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.”

Up Next ...
22 November 2024

Eden AI raises €3M seed round to bridge the gap between AI models and business needs

Eden AI, which works with more than 500 organisations including the Council of Europe and Atos, translates sophisticated AI models into practical tools for businesses...

22 November 2024

City Bank Adopts TranzAxis for E-Commerce Payment Solutions

This decision aligns with the bank’s focus on digital transformation and improving online transaction processes for merchants.

22 November 2024

Zellis summit maps bold future of innovation

Event showcases Zellis HCM AIR, realtime payroll, and AI-enhanced features

21 November 2024

Nubank Explores Legal Domicile Shift to the UK Amid Regulatory Changes

The decision, reportedly under discussion with the UK government, aligns with the UK’s efforts to attract global tech firms

More in Investment

Uber to back Nigerian start-up Moove in up to $100mn round

26 February 2024

Funding round could push Moove’s market value to $750mn In brief:- ...

Simetrik secures $55mn in Series B to bolster platform globally

26 February 2024

Simetrik is a financial automation platform based in Colombia. In brief:- ...

FinTech startup Pontera raises $60mn

07 December 2023

Pontera, formerly known as FeeX, has successfully secured $60 million ...

FinTech-focused Canapi Ventures raises $750mn

07 December 2023

Fund II represents a 15% increase in funds and a ...

White Papers Investment

Investment vehicles in private markets

17 November 2023

How investment vehicles are revolutionising private markets and bridging the gap in democratisation...

White Papers Investment

The Three-Body Problem: Finding the New Stable Points in Venture Capital

12 June 2023

William Edwards Deming once famously said, “It is not necessary to change. Survival isn’t mandatory....

White Papers Investment

FT Partners Quarterly FinTech Insights

12 June 2023

FT Partners’ FinTech Insights Reports are published on a quarterly basis, along with a comprehensive...

Articles Investment

Innovate Finance on: 2022 Summer Investment Report

19 July 2022

In the first half of 2022 total capital invested in FinTech globally reached $59bn – flat year-on-ye...

There are no Events in this category