We’ve switched our classes to live online. For more Covid-19 updates, click here

UK to finalise new FinTech Bridge with South Korea

Last Friday, it was announced that the UK will soon finalise a new FinTech Bridge with South Korea to enable easier investment in fintech.

The FinTech Bridge will provide a number of benefits for financial technology businesses and investors from each country, allowing them to gain easier access to each other.

Bridges

The government’s trade and investment body, UKTI, and the Treasury announced plans earlier this month to extend fintech bridges.

This means that the Financial Conduct Authority will work with regulators from other countries to help start-ups set up their businesses.

The Korean Financial Services Commission Chair Yim Jong-yong said the country is a “relative newcomer to fintech” and is looking to establish itself as a regional hub.

Important

According to a statement, this new FinTech Bridge will help to reduce barriers to entry and encourage innovation in the financial services sector in both countries.

Commenting on the agreement, Chancellor 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 start-ups.”


Other News

How Leadership Shapes Digital Transformation

Being digitally driven is a necessity right now for every business, but just acquiring new technology isn’t enough as implementation…

Top 3 Big Data Trends in 2020

Data and technology have made their way into our lives and have forever changed the way we use the internet.…

Technology failures changing consumer attitudes in banking, study shows

A study from data analytics firm Consumer Intelligence has highlighted the impact of technology failures in banking, with more than…

Back to top