UK Government Launches Fintech Sector Strategy
On March 22, the UK government held its second annual International Fintech Conference. The Conference forms part of the UK’s plans to maintain its world leading position in technology-enabled innovation in financial services (FinTech).
The Conference follows the launch of the European Commission’s FinTech Action Plan.
At the Conference, the UK government announced a number of initiatives to foster FinTech. Key highlights include:
launching a “cryptoassets task force,” consisting of HM Treasury, the Bank of England and the UK Financial Conduct Authority (FCA), to assess the risks and benefits relating to cryptoassets and future regulation;
investigating the use of machine-readable rules to automate regulatory compliance, termed “robo-regulation;”
creating a new “FinTech bridge” with Australia—; and
establishing regional envoys for different parts of the United Kingdom to ensure that the benefits of FinTech are felt nationwide.
In addition, the FCA has published an enhanced cooperation agreement that forms part of the broader FinTech bridge, enhancing and superseding the terms of the cooperation agreement entered into between the FCA and the Australian Securities and Investments Commission (ASIC) in March 2016.
The UK government’s Fintech Sector Strategy document, published at the Conference, is available here.
The UK government’s news release summarizing its FinTech strategy and the Conference agenda is here.