UK–Australian agreement benefits fintech companies
A FinTech Bridge between Australia and the UK has been established.
Australian fintech companies will benefit from improved access to global markets under this agreement, which was signed by Treasurer Scott Morrison.
The UK–Australia FinTech Bridge was announced alongside the UK Chancellor of the Exchequer the Rt Hon Philip Hammond at the International FinTech Conference in London.
The deal will deepen ties between the Australian and UK Governments and regulatory agencies, further cementing the positions of Australia and the UK as leading global fintech centres.
The FinTech Bridge includes:
- collaboration between governments to identify emerging fintech trends and policy issues, enabling better policy responses;
- sharing of Australian and UK regulatory expertise, facilitating the entry of fintech start-ups into each jurisdiction’s regulatory sandbox and exploring opportunities for quicker licence processing for fintech firms that are already licensed or authorised in the other country;
- enhancing bilateral trade and investment flows, with trade and investment promotion agencies supporting fintech firms looking to expand overseas;
- promoting engagement between Australian and UK fintech sector bodies to discuss collaboration opportunities between fintech businesses.
Fintech is changing the way people engage with financial providers, giving consumers and businesses more control over, and choice in, the services they receive. It is also delivering better outcomes by increasing access to finance and increasing competition in financial services.
UK fintech firms generate £7 billion in revenue annually, employ over 61,000 people and in 2017 raised £1.3 billion of investment.
Investment in Australian fintech in 2016 defied the global trend, reaching a high of over US$656 million. Australia is also the second-largest alternative finance market in the Asia–Pacific. Australia’s supportive regulatory settings and high rate of fintech adoption present an attractive market for the launch and expansion of fintech products.
The FinTech Bridge is available on the Treasury website.
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