UK government launches fintech accelerators with Asian trade in sight

The Department for International Trade has announced two pilot programmes to extend Britain's fintech reach

Fintech on tablet

The UK government is launching two fintech pilot programs with the aim to boost trade with international partners in countries such as Hong Kong and Australia.

London's Fintech week started on Monday and the Department for International Trade (DIT), in partnership with Her Majesty's Treasury (HMT), is building upon the UK's fintech bridge agreements with Australia, Hong Kong, China, Singapore and South Korea.

The aim of the programs is to bolster existing frameworks, providing tailored, structured support for each company selected and open further opportunities for UK financial technology companies - reducing barriers they may face as they undertake international expansion.

The government has already laid the groundwork with its Fintech Bridge agreements, signed with Australia, Hong Kong, China, Singapore and South Korea in 2016. But the Fintech Bridge represents a bespoke agreement outlining collaboration between two governments, cooperation between regulatory bodies and connectivity between two markets and ecosystems.

"The two cohorts are made up of sector-leading companies representing the spirit and innovation which make London an undisputed global fintech hub," Dr Liam Fox said.

"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."

Hong Kong and Australia have almost 1,000 active fintech companies between them, according to the government, and offer large-scale business opportunities through key markets across Asia.

These Fintech Bridge pilot programs have been launched at a pivotal time, according to the government, as UK fintech rose by 18% to $3.3 billion in 2018 and VC investment reached a record $36.6 billion across 2,304 deals, a 148% increase from previous years.

Featured Resources

Managing security risk and compliance in a challenging landscape

How key technology partners grow with your organisation

Download now

Evaluate your order-to-cash process

15 recommended metrics to benchmark your O2C operations

Download now

AI 360: Hold, fold, or double down?

How AI can benefit your business

Download now

Getting started with Azure Red Hat OpenShift

A developer’s guide to improving application building and deployment capabilities

Download now

Recommended

So you want to work for a tech startup? It’s not all ping-pong tables and yoga
startups

So you want to work for a tech startup? It’s not all ping-pong tables and yoga

22 Dec 2020
The IT Pro Podcast: Is the sun setting on Silicon Valley?
Business strategy

The IT Pro Podcast: Is the sun setting on Silicon Valley?

18 Dec 2020
UK tech startups to watch in 2021
startups

UK tech startups to watch in 2021

15 Dec 2020
TechUK urges government to level digital divide
digital divide

TechUK urges government to level digital divide

7 Dec 2020

Most Popular

School laptops sent by government arrive loaded with malware
malware

School laptops sent by government arrive loaded with malware

21 Jan 2021
How to move Windows 10 from your old hard drive to SSD
operating systems

How to move Windows 10 from your old hard drive to SSD

21 Jan 2021
What is the Raspberry Pi Pico?
Hardware

What is the Raspberry Pi Pico?

21 Jan 2021