Friday, March 23,
2018 09.32AM / By Jonathan
Chadwick for ZdNet.com / Picture from
@PhilipHammondUK
The UK-Australia FinTech Bridge was
announced by UK Chancellor of the Exchequer Philip Hammond at Thursday's International
FinTech Conference in London.
The UK-Australia FinTech Bridge,
signed in London on Thursday, will deepen ties between the Australian and UK
governments and regulatory agencies, according to Australian Treasurer Scott
Morrison.
"We will work to identify
emerging trends, share policy developments, and position firms for the
challenges of entering a foreign market," Morrison
said. "It will provide exciting new opportunities for trade and
investment into the future, in an ever-increasingly digital world where
innovation and competitive edge are paramount.
"Importantly, it presents fintech
firms on both sides of the Bridge with a fast track to pursue international
expansion and hit the ground running."
The agreement covers collaboration
between governments to identify emerging fintech trends and policy issues;
sharing of regulatory expertise to facilitate the entry of fintech startups
into each jurisdiction's regulatory sandbox; enhancing bilateral trade and
investment flows; and promoting engagement between Australian and UK fintech
sector bodies to discuss collaboration opportunities.
Industry bodies will lead B2B
discussions on the challenges of entering the other market and provide views to
governments on other fintech policy issues such as blockchain, regulatory
technology (regtech), and data exchange, Morrison added.
UK fintech firms generate £7 billion
in revenue annually, according to the Australian government, and raised £1.3
billion of investment last year. Investment in Australian fintech reached a
high of over US$656 million in 2016, according to KPMG.
In November last year, the Australia
Securities and Investment Commission (ASIC) similarly signed
an agreement with Dubai Financial Services Authority (DFSA) to provide
mutual understanding on financial innovation.
Under the arrangement, ASIC and the
DFSA are able to refer fintech firms to each other for support provided through
their respective fintech functions, with the DFSA offering up a sandbox-like
Innovation testing licence to successful applicants.
The agreement also has both
organisations working together on the sharing of information, with regtech
trials expected to occur.
The UAE's Abu Dhabi Global Market
Financial Services Regulatory Authority had partnered
with ASIC the previous July, hoping to provide mutual support to fintech
businesses seeking to operate in each other's markets.
ASIC also signed
an agreement in November with China Securities Regulatory Commission (CSRC)
to share information, enabling regulators to maintain visibility over
regulatory and relevant economic or commercial developments in each other's
markets.
ASIC has entered into similar agreements
with Hong
Kong, Japan,
Ontario,
and Singapore.
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