The United Kingdom and South Korea on Friday announced the launch of an agreement designed to make it easier to participate in one another’s fintech sectors.
The so-called “FinTech Bridge” includes a regulatory co-operation agreement between The U.K. Financial Conduct Authority (FCA) and the Korean Financial Services Commission (FSC) that will enable the regulators to share information about innovations in their respective markets, including emerging trends and regulatory issues, the FCA says in a statement.
The deal also aims to reduce the barriers to entry and to encourage innovation in both countries’ financial services sectors; which will make it easier for fintech firms in both countries to scale up internationally.
“The newly established FinTech bridge between the U.K. 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 U.K. fintech sector to innovate and grow and to ensure that Britain remains the location of choice for fintech start-ups,” says Philip Hammond, U.K. Chancellor of the Exchequer.
“These co-operation agreements are absolutely vital in fostering an environment of fintech innovation on a global scale,” adds Andrew Bailey, chief executive of the FCA.