Liam Fox launches new international programmes to boost UK Fintech industry

KEY TAKEAWAYS:

  • Liam Fox and DIT launch 2 Fintech Bridge Pilot Programmes in Australia and Hong Kong in partnership with HMT.
  • 20 high-achieving UK companies chosen to take part in the new programmes.
  • State of the Nation report launched, outlining key facts and figures on the future of the UK Fintech industry.

As London’s Fintech Week begins, the Department for International Trade (DIT), in partnership with Her Majesty’s Treasury (HMT), announces 2 Fintech Bridge Pilot Programmes today (Monday 29 April), building upon our Fintech Bridge agreements with Hong Kong and Australia.

The Programmes aim to bolster existing frameworks, providing tailored, structured support for each company within the cohort. In doing so, the aim is to open further opportunities for UK financial technology (fintech) companies and to reduce barriers faced as they undertake their international expansion.

They build upon the Government’s Fintech Bridge agreements signed with Australia, Hong Kong, China, Singapore and South Korea.  A Fintech Bridge represents a bespoke agreement outlining collaboration between two governments, cooperation between regulatory bodies and connectivity between two markets and ecosystems. This encourages the sharing of information, including emerging trends and regulatory issues, with counterparts and discussions around areas of best practice.

The Programmes are highly competitive, with industry experts selecting just 10 companies to take part in each this year (20 companies in total). The businesses will have demonstrated notable success in their sector and represent some of the best of UK fintech’s ecosystem’s growth and innovation potential.

The Programmes will run for 10 Months from March-November 2019. The participants will visit Australia and Hong Kong and receive tailored support from DIT, including mentoring and networking advice.

With large-scale business opportunities, Australia and Hong Kong have almost 1,000 active fintech companies between them and are well-connected to other key markets across Asia Pacific.

Launched in 2016 by DIT, HMT, Financial Conduct Authority (FCA) and the then-Economic Secretary (EST) Fintech Bridges represent the Government’s flagship international fintech policy, which sets out a bilateral agreement between the UK and a priority market with the aim of facilitating trade flows, reducing frictions to international growth and increasing access to capital opportunities.

These initiatives will be the focus of DIT’s event; ‘UK Fintech on the Global Stage’, held at Mansion House later today. The day will also celebrate the 1-year anniversary of the UK-Australia Fintech Bridge, which has connected UK start-ups to a market of 24 million people in Australia’s rapidly growing fintech sector.

Alongside the announcement of the Pilot Programmes, DIT published its ‘State of the Nation’ report today, a detailed document that consolidates knowledge and perspectives of industry leaders to detail the UK’s fintech industry’s journey to date and future strategy. The report will act as a reference for the UK’s attractiveness as a fintech destination for Government and the wider community.

The Fintech Bridge Pilot Programmes have been launched at a pivotal time for in 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.

The two cohorts for the Fintech Bridge Pilot Programmes 2019:

  • Australia
    • Crowd2Fund is an alternative solution to an out-of-date financial system designed for investors and innovative businesses. It gives investors great investment opportunities, while ensuring businesses get access to funds at competitive rates.
      Disberse is a new kind of regulated financial institution for the aid industry built on distributed ledger technology. It enables donors and aid organisations to manage and move money across the globe more transparently and efficiently.
    • Fractal
    • pirkx
    • Recordsure
    • Smart Pension
    • Thyngs
    • TradingHub’s
    • TrueLayer
  • Hong Kong
    • AMPLYFI
    • Artificial Labs
    • ComplyAdvantage
    • Delio
    • Novastone
    • Onfido
    • Paymentology
    • Seedrs
    • Trade Ledger
    • TransferWise

 

About Crowd2Fund

We’re building a world leading investment platform for entrepreneurs. We’ve experienced 300% revenue growth for the past 3 years and facilitated more than £25m in lending.

FinTech is one of the fastest growing markets in the world and Crowd2Fund was one of the first platforms to be regulated. We are releasing £2m of shares for investors to continue our growth.

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