It was announced last week that the UK was freed from the shackles of EU regulation, and now able to forge new trade agreements across the world.
Well, Philip Hammond didn’t take long to put this new found freedom into practice…
Just signed with @ScottMorrisonMP the FinTech Bridge Agreement between 🇬🇧 and 🇦🇺 – an ambitious plan that will open up our #FinTech markets here, in Australia and around the world. https://t.co/q9CaY8ifcz pic.twitter.com/vHutEStR26
— Philip Hammond (@PhilipHammondUK) March 22, 2018
Hammond this morning launched the UK’s Fintech Sector Strategy; including within it an agreement between the UK and Australia to allow for expansion and co-operation between the two nations.
The plan will include a new cryptoassets task force, advances in regtech and a UK-Australia start up support programme,
Hammond said: “From the square mile in London to Scotland’s Silicon Glen, the UK leads the world in harnessing the power of fintech as we create an economy fit for the future adding that the task force will help the UK to “manage the risks around cryptoassets, as well as harnessing the potential benefits of the underlying technology”.
Going global with a bridge
The Chancellor and Scott Morrison, Treasurer of the Commonwealth of Australia signed a new Fintech Bridge agreement. According to the UK government, this will help to open up the market for UK firms wanting to expand internationally by selling their products and services in Australia.
Signing the UK-Australia #FinTech Bridge Agreement alongside @PhilipHammondUK in London. The deal improves access to global markets & deepens ties between our regulators & governments. 🇬🇧🇦🇺 pic.twitter.com/rwHO4hTl9F
— Scott Morrison (@ScottMorrisonMP) 22 March 2018
As part of this bridge, Innovate Finance and FinTech Australia will introduce a regular business to business summit, advising the UK and Australian governments on how best to support the sector.