Korea and U.K. Activate Fintech Bridge

Korean Fintech Rising

Korean Fintech Rising

In May this year Singapore and Britain established an official fintech conduit. Now a second Asian country has signed an agreement with the U.K., the global leader in the fintech space, for now.

finews.asia reported on the U.K./Singapore fintech tie up in May this year which in theory enables firms and investors from each country to gain access to opportunities and innovations in the other.

Korean IT Prowess 

The new «Bridge» between the UK and the Republic of Korea will support the country's efforts to create a fintech ecosystem that can fully take advantage of Korea's high tech and IT expertise. The new link with the UK will also facilitate Korean start-ups' entry into the global market place.

The agreement was announced at the 3rd Annual UK-Korea Financial Forum which took place in the City of London’s Guildhall. The event was attended by UK and Korean officials and fintech companies.

The event included the signing of a regulatory Co-operation Agreement between the UK’s Financial Conduct Authority (FCA) and the Korean Financial Services Commission (FSC). The Co-operation Agreement will enable the regulators to share information about financial services innovations in their respective markets, including emerging trends and regulatory issues.

Global Leader

By strengthening links between the regulators and governments, the «fintech bridge» will reduce the barriers to entry in a new jurisdiction and further encourage innovation in both countries’ financial services sectors. The hope is to make it easier for fintech firms in the UK and the Republic of Korea to scale up internationally.

The UK is a global leader in financial technology, last year the British fintech sector employed over 60,000 people and generated £6.6 billion in revenue. There are genuine fears however that post Brexit the sector will come under pressure from loss of funding and relocation of professionals and entrepreneurs. 

«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 U.K. will enable Korea to more easily identify and adopt regulatory best practice. It is another step in strengthening the strong financial relationship between Korea and the U.K.,» commented Yim Jong-yong Chairman of the FSC.

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