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UK and Korea build fintech bridge

UK and Korea build fintech bridge

(25 July 2016 – United Kingdom) The United Kingdom and South Korea have announced an agreement to form a "fintech bridge" between the two nations, allowing financial technology firms and investors from each country easier access to the other market. 

The bridge sees the UK’s Financial Conduct Authority (FCA) and the Korean Financial Services Commission (FSC) pen a regulatory agreement on sharing information about financial services innovations in their respective markets, including emerging trends and regulatory issues.

The UK has pushed itself as the fintech capital of the world, generating £6.6 billion (A$11.6 billion) in revenues last year and employing over 60,000 people, although its status has been negatively impacted by the recent vote to leave the European Union.

FSC chairman Yim Jong-yong said South Korea is a "relative newcomer to fintech" and is seeking to establish itself as a regional hub in a part of the world with strong centres such as Hong Kong and Singapore.

UK Chancellor of the Exchequer, Philip Hammond says: "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."

Britain has recently formed similar co-operative agreements with other countries in the Asia-Pacific region, including Singapore, Hong Kong and Australia.

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