Australia to Sign FinTech Deal with the UK

Announcements, FinTech, News | November 14, 2017 By:

Alexander Downer, the Australian High Commissioner to the UK, has revealed that the two countries are in the process of concluding negotiations on FinTech.

Speaking at City & Financial Global’s trade conference last week, the commissioner said the deal will lead to greater cooperation between Australia and the UK in this fast-growing sector. Downer stated that, after Brexit, Australia wished to improve its trading relationship with the United Kingdom, and that “doomsayer” stories about leaving the European Union assumed that other countries were “lining up to have a shot at” Britain.

A spokesperson for Her Majesty’s Treasury, the UK’s economic finance ministry, confirmed the negotiations stating that both countries are currently working on the creation of a FinTech bridge to increase links in FinTech trade and investment between both markets.

The UK is also looking to developing free-trade agreements with countries that have similar sorts of institutions, in particular legal institutions, and have the same sort of approach to economic policy. Downer advised international trade secretary Liam Fox to look to countries such as Australia, New Zealand, United States, China and Japan.

The UK’s FinTech firms are on track to raise record investment this year. According to the Mayor of London’s official promotional agency London and Partners, over $1 billion has already been invested in UK FinTech by venture capitalists, which is more than double that of the same last year.