UK to harness FinTech to ensure an economy for the future

The government of the United Kingdom (UK) has unveiled its first FinTech sector strategy. A cryptoassets task force (consisting of Her Majesty’s Treasury, the Bank of England (BoE) and the Financial Conduct Authority (FCA)) will work to manage risks around cryptoassets as well as harness potential benefits from underlying technologies. The strategy also includes piloting schemes to help firms and the financial industry comply with regulations by utilizing software that automatically ensures compliance with regulations. In addition, three new regional envoys will be tasked with creating a set of industry standards that will allow FinTech firms and banks to cooperate more easily; they will also work to ensure that the benefits of FinTech reach across the UK.

Lastly, the strategy will create a UK-Australia “FinTech bridge”. As part of this bridge, Innovate Finance and FinTech Australia will provide advice to the UK and Australian governments on how best to support the FinTech sector. The bridge will also help UK companies expand internationally by being able to sell products and services in Australia.