Britain and Hong Kong have expanded their FinTech Bridge agreement, in an effort to spur on collaboration between fintech sectors.
The deal is intended to promote government-to-government, regulator-to-regulator and industry-to-industry collaboration. It is also hoped that the deal will encourage UK fintech companies to establish a presence in Hong Kong as a gateway for tapping into the Chinese mainland and Asian markets.
Hong Kong’s chief executive Carrie Lam Cheng Yuet Ngor, who is in London for a three-day visit, witnessed the signing, alongside chancellor Philip Hammond (pictured). Speaking last night at a dinner marking the 20 year anniversary of the passing of Hong Kong sovereignty from Britain to China, Hammond said that the collaboration would promote jobs and prosperity in both regions.
He said the FinTech Bridge will “pool British and Hong Kong expertise to collaborate in the financial industry’s most innovative sectors… allowing our firms to access the capital, talent, accelerators, and start-up facilities needed to succeed in both the UK and in Hong Kong.”
International bridge agreements of this kind were pitched by Mark Carney, governor of the Bank of England, and Hammond in April as a means of maintaining London’s status as a global fintech hub. In addition to its agreement with Hong Kong, the UK also has bridge deals in place with Australia, Singapore and South Korea.
“We can’t remain the number one place for fintech and the other technologies of the fourth industrial revolution by simply relying on our ingenuity, talent and openness... We have to go out and get the business,” said Hammond at the time.