UK to finalise new FinTech Bridge with South Korea
- 25th July 2016
- Innovation & Technology
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.
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.
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.”
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