DIT pilots to support UK fintech international expansion
The Department for International Trade (DIT) has announced two Fintech Bridge Pilot Programmes to connect UK businesses with Australia and Hong Kong, reports Jane Connolly.
In partnership with Her Majesty’s Treasury (HMT), the initiatives aim to give 20 high-achieving UK fintechs the chance to receive tailored support, mentoring and networking advice, and to tackle barriers to international expansion.
The selected companies, ten in each programme, will visit Australia and Hong Kong during the ten-month duration, which ends in November 2019.
Secretary of state for international trade and president of the Board of Trade, Liam Fox, states that the 20 sector-leading companies represent the “spirit and innovation” of London.
He says: “With the UK accounting for 11% of the global fintech industry and employing over 75,000 people in the UK, DIT will continue to support fintech and build upon initiatives and policy frameworks, such as the Fintech Bridge Programmes, for reaching key markets and ensuring we remain at the forefront of the industry.”
Launched in 2016, the Government’s Fintech Bridge agreements are bespoke arrangements – signed with Australia, Hong Kong, China, Singapore and South Korea – that agree collaboration between two governments, cooperation between regulatory bodies and connectivity between two markets and ecosystems.
The companies in the Australia cohort are Crowd2Fund, Disberse, Fractal, pirkx, Recordsure, Smart Pension, Thyngs, TradingHub, and TrueLayer.
For the Hong Kong trip, the chosen fintechs are Amplyfi, Artificial Labs, ComplyAdvantage, Delio, Novastone, Onfido, Paymentology, Seedrs, Trade Ledger, and TransferWise.