UK chancellor Philip Hammond is expected to launch a FinTech strategy this week.
Hammond will make the announcement at an international conference this Thursday and will say that the Financial Services Trade and Investment Board has been tasked with identifying ways in which industry and government can cooperate to improve the country’s prospects in the wider digital economy.
According to The Sunday Times, Hammond will also outline details of an upcoming FinTech Bridge with Australia, which will seek to foster links between governments, regulators and industry in a bid to establish a gateway for international expansion for companies in both countries.
The new strategy follows on from the government’s FinTech census, launched in March last year, with the objective of identifying the main challenges faced by stakeholders in the industry.
Firms participating in the research spoke about the cost and complexity of regulatory compliance, access to talent and the challenges faced when trying to partner with incumbent banks.
In order to alleviate the issues, the strategy will seek to help startups’ and scaleups’ access to incumbent banks through the creation of a “FinTech Delivery Panel”. Additionally, regional banks and building societies will also be encouraged to adopt financial tech.
Hammond will also publish a document which will set out plans for a new taskforce led by The Bank of England, the Treasury and the Financial Conduct Authority. The group will assess the risks associated with crypto and the potential benefits of blockchain technology.