Treasurer Scott Morrison and Chancelor Hammond are creating an Australia-Britain fintech bridge
Australian fintechs will have access to the UK’s sandbox.
Australian fintech companies looking to expand into Europe will now have access to the UK’s fintech sandbox, which provides a regulatory environment where start-ups are exempt from some regulation, helping them lower costs and try new ideas.
“It’s a trial area for consenting adults,” said Treasurer Scott Morrison, announcing the policy at a fintech conference in Melbourne.
“It has been designed to go beyond existing agreements... it will give our firms an avenue to partner with companies in the UK. In my discussions with Chancellor Hammond in the UK this is one of the important things we are trying to achieve."
The details of the bridge are still being finalised with Chancellor Hammond.
The UK is often cited as the world’s leading fintech centre, the Treasurer said. Having access to the UK should help Australian companies trial their businesses elsewhere and learn from their British peers.
Mr Morrison said that he had spoken with the new head of ASIC James Shipton and said that the fintech sandbox was a priority for him.
“As I promised in the budget it will give firms huge scope to test their products and get going. It is now the standard once it is legislated for sandboxes in the world,” Mr Morrison said.