Chancellor of the Exchequer, Philip Hammond, announces new fintech strategy, ‘Securing the Future of UK Fintech’.
Philip Hammond has announced a new Fintech Sector Strategy, titled ‘Securing the Future of UK Fintech.’
Hammond announced that, as part of the strategy, the FCA and Bank of England will be working towards automating regulatory compliance, which will reduce costs for financial services firms, as well as removing the barrier to entry for fintech companies.
He also announced that a new code of industry standards will be introduced, making it easier for fintech companies to partner with financial service providers and representatives will promote the adoption of fintech by regional banks and building societies in England, Wales and Northern Ireland, ‘complementing the work of the existing Scottish envoys’.
The second part to the strategy sees a fintech bridge agreed between the UK and Australia.
The bridge will aim to bring together UK and Australian regulators, policy-makers and leaders to collaborate on both fintech markets together.
The UK already has fintech bridges with Singapore, China, Korea and Hong Kong.
Chancellor Philip Hammond, said: “Britain is, and will remain, a great place to do business.
“It is the global capital for finance, fintech and a major hub of fourth industrial revolution technologies.
“Fintech is the future of global finance, and working together, we have a chance to reach that future faster.”