The UK’s Financial Conduct Authority (FCA) has announced the latest addition to its FinTech partnerships, which is set to help FinTech firms branch out into Asia.
The FCA has created a ‘FinTech bridge’ with the Republic of Korea to make it easier for both countries to invest in financial technology companies, launch new products and encourage innovation.
The Republic of Korea’s Financial Services Commission (FSC) will share information about innovations and regulatory issues with the UK’s FCA.
Andrew Bailey, chief executive officer of the FCA, said the FinTech bridges are “absolutely vital in fostering an environment of FinTech innovation on a global scale.”
In May last year, the FCA signed its first FinTech partnership with Singapore as part of its “commitment to support the FinTech sector.”
Despite Korea being a newcomer to the FinTech scene, chairman of the FSC Yim Jong-yong, said the Republic of Korea has been “focusing on developing a regulatory environment that supports rapid growth of the sector.”
Jong-yong concluded: “The Fintech bridge with the UK, which is a pioneer of the industry, will enable Korea to more easily identify and adopt regulatory best practice.”
The FCA’s director of strategy and competition Christopher Woolard, told delegates at this year’s London FinTech Week that the FCA will continue to support FinTech start-ups.
Woolard said: “We have to do whatever we can to ensure we can establish UK FinTech firms globally, and those partnerships allow data to be shared back and forth, whilst reducing the overall time to market for new FinTech products.”