South Korean tie-up seeks to bolster FinTech sector
The Government plans to bolster the UK's burgeoning financial technology (FinTech) sector by forging a tie-up with South Korea.
The Treasury said a partnership - or FinTech Bridge - has been created to help UK FinTech firms access the Asian market while attracting South Korean companies and investors to the UK.
In 2015, the UK's FinTech industry - which includes businesses at the forefront of payment technology - employed 60,000 people made £6.6 billion in revenues.
Chancellor Philip Hammond said: "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.
"The Government is determined to help the UK FinTech sector to innovate and grow and to ensure that Britain remains the location of choice for FinTech start-ups."
The announcement was underpinned by the signing of a regulatory co-operation agreement between UK's Financial Conduct Authority (FCA) and the Korean Financial Services Commission (FSC).
The agreement will allow the two regulators to share information about FinTech innovations, including emerging trends and regulatory issues.
It follows the Bank of England's plans to find digital solutions to the challenges it faces by launching a FinTech Accelerator.
Andrew Bailey, FCA chief executive, said: "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 ."
Chairman Yim Jong-yong of the FSC, added: "Although Korea is a relative newcomer to FinTech, we have been focusing on developing a regulatory environment that supports rapid growth of the sector.
"It is another step in strengthening the strong financial relationship between Korea and the UK."