The HM Treasury has announced an agreement that will seek to make it easier for the UK and the Republic of Korea to invest in financial technology.
In turn, the new “FinTech Bridge”, announced at the UK-Korea Financial Forum today, will also seek to attract Korean FinTech companies and gain access to investors to the UK.
As part of the agreement, regulators will be able to share information about financial services innovations in their respective markets, including emerging trends and regulatory challenges.
Chancellor of the Exchequer, Philip Hammond, said: “The newly established FinTech bridge between the UK and the Republic of Korea is an important step for one of this country’s most exciting industries. The government is determined to help the UK FinTech sector to innovate and grow and to ensure that Britain remains the location of choice for FinTech startups.”
This new FinTech Bridge – which comes after the UK Government’s announced one with Singapore in May – is part of the UK government’s commitment to support and boost the country’s FinTech sector.
Andrew Bailey, chief executive of the FCA said:“The UK attracts innovators from around the world and as a result we need to continue our support in this fast moving sector. These Co-operation Agreements are absolutely vital in fostering an environment of FinTech innovation on a global scale. We look forward to working closely with the FSC on our efforts to promote innovation in our respective markets.”