New partnership launched to foster US and UK fintechs
The UK is looking to strengthen its ‘special relationship’ with the US through a new Financial Innovation Partnership (FIP), Jane Connolly writes.
Trump’s visit prompted this collaboration
Announced during President Donald Trump’s recent visit to the UK, the FIP is being led by HM Treasury and the Department of the Treasury, Global Government Forum reports.
The partnership aims to encourage collaboration on regulatory issues, the sharing of technical expertise and enhanced commercial opportunities on both sides of the Atlantic.
The Department of International Trade (DIT) will enter into a reciprocal relationship with the US Commerce Department, to take UK companies to the US and vice versa.
Heath Tarbert, acting under-secretary for international affairs at the US Department of the Treasury, says: “Technology is the future of financial services and innovation drives growth. By jointly fostering entrepreneurial breakthroughs, we will write a new chapter in the long-standing friendship between America and Britain.”
“The UK and US lead the world in financial services and are at the cutting edge of innovative fintech,” says John Glen, economic secretary to HM Treasury. “By working more closely together through this new partnership, we can help firms in both our countries to go even further to harness new technologies, share expertise and serve consumers.”
The FIP has emerged from a US-UK Financial Regulatory Working Group, which met for the first time last year. The group stated that regulatory cooperation between the two countries was now even more important, given the UK’s imminent withdrawal from the EU.
