The UK Government has unveiled a new fintech sector strategy at the second International Fintech Conference in London.
As part of the fintech strategy, the government will establish Cryptoassets Task Force, which includes HM Treasury, the Bank of England and the Financial Conduct Authority. It will help the country to effectively use technology and reduce potential risks.
The robo-regulation pilot schemes will also be launched to build software for supporting new fintech firms and the financial services industry to comply with regulations.
The strategy also includes the creation of industry standards to help fintech firms to easily partner with existing banks.
Under the strategy, the government will collaborate with the industry to build share platforms to help new and small fintech firms to remove barriers in setting up new systems.
It will also help these firms to offer complex financial services, helping to expand businesses and reach new customers.
The government’s Fintech Delivery Panel will also launch a Connect with Work programme to help fintech firms to work with diversified workforce.
The UK has also signed a Fintech Bridge agreement with the Australia, which will allow the UK firms to sell their products and services in Australia
As part of the Fintech Bridge deal, Innovate Finance and FinTech Australia will introduce a regular business to business summit for advising the UK and Australian governments to support the sector.
UK Chancellor of the Exchequer Philip 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.
“I am committed to helping the sector grow and flourish, and our ambitious Sector Strategy sets out how we will ensure the UK remains at the cutting edge of the digital revolution.”
Innovate Finance CEO Charlotte Crosswell said: “This exciting partnership between Innovate Finance and FinTech Australia will foster even stronger ties between the fintech communities of our two countries and is an important step in supporting innovation in financial services on an international scale.”
Image: The fintech strategy includes establishment of Cryptoassets Task Force with HM Treasury, the Bank of England, and the Financial Conduct Authority. Photo: courtesy of Crown copyright.