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UK and Republic of Korea establish ‘FinTech Bridge’
The U.K. has established a ‘FinTech Bridge’ along with the Republic of Korea which is aimed to support international expansion of UK and Korean fintech firms.
According to the official release by the UK’s Financial Conduct Authority (FCA), the agreement was announced during the 3rd Annual UK-Korea Financial Forum that took place in London on Friday. The launch witnessed investors and officials from UK and Korean fintech companies.
“The newly established FinTech Bridge between the UK and the Republic of Korea is an important step for one of this country’s most exciting industries,” Philip Hammond, Chancellor of the Exchequer said.
The Bridge, will help UK fintech firms and investors access and expand the Asian market to the Republic of Korea. During the event, a regulatory Co-operation Agreement was signed between the UK’s Financial Conduct Authority (FCA) and the Korean Financial Services Commission (FSC). This will foster regulators to share financial services innovations and information on emerging trends to the respective markets.
“The UK attracts innovators from around the world and as a result we need to continue our support in this fast moving sector. These Co-operation Agreements are absolutely vital in fostering an environment of FinTech innovation on a global scale. We look forward to working closely with the FSC on our efforts to promote innovation in our respective markets,” Andrew Bailey, Chief Executive of the FCA said.
The FinTech Bridge, a part of UK’s commitment to support fintech industry will encourage new fintech innovations in both the countries and will curb the barriers to entry in a new jurisdiction. The UK previously signed the first ever FinTech Bridge with Singapore in May.
The Bridge supports Korea’s efforts in order to create fintech ecosystem which capitalizes the country’s IT capability. It will also help fintech startups in Korea to enter into the global market.
“Although Korea is a relative newcomer to FinTech, we have been focusing on developing a regulatory environment that supports rapid growth of the sector. The Fintech Bridge with the UK, which is a pioneer of the industry, will enable Korea to more easily identify and adopt regulatory best practice,” Yim Jong-yong, chairman of FSC mentioned.