As London’s Fintech Week comes to a close, the Department for International Trade (DIT), in partnership with Her Majesty’s Treasury (HMT), has announced two Fintech Bridge Pilot Programs today, building upon the Fintech Bridge agreements with Hong Kong and Australia.
The programs aim to bolster existing frameworks, providing tailored, structured support for each company within the cohort. In doing so, the aim is to open further opportunities for UK financial technology companies and to reduce barriers faced as they undertake their international expansion.
They build upon the Government’s Fintech Bridge agreements signed with Australia, Hong Kong, China, Singapore and South Korea. A Fintech Bridge represents a bespoke agreement outlining collaboration between two governments, cooperation between regulatory bodies and connectivity between two markets and ecosystems. This encourages the sharing of information, including emerging trends and regulatory issues, with counterparts and discussions around areas of best practice.
The Programs are highly competitive, with industry experts selecting just 10 companies to take part in each this year (20 companies in total). The businesses will have demonstrated notable success in their sector and represent some of the best of the UK fintech ecosystem’s growth and innovation potential.
The Programs will run for 10 months from March-November 2019. The participants will visit Australia and Hong Kong and receive tailored support from DIT, including mentoring and networking advice.
Secretary of State for International Trade and President of the Board of Trade, the Rt Hon Dr Liam Fox MP said: “I’m delighted to announce the launch of DIT’s Fintech Bridge Pilot Programs. The two cohorts are made up of sector-leading companies representing the spirit and innovation which make London an undisputed global fintech hub.
With the UK accounting for 11% of the global fintech industry and employing over 75,000 people in the UK, DIT will continue to support fintech and build upon initiatives and policy frameworks, such as the Fintech Bridge Programs for reaching key markets and ensuring we remain at the forefront of the industry.