Fintech bridge deals are a positive first step for the future of UK fintech

source link Despite having already set up a Department for International Trade, until 2021 at the earliest, Britain cannot make any bilateral trade deals. IT is barred from doing so by its continued membership of the European Union (EU) single market.

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online dating bbm Given so much about its relationship with the European Union remains unclear, many governments have been reluctant to even begin preliminary discussions with British officials. As a result, finance, like many other sectors, remains largely in the dark when it comes to understanding which doors will be open, and which closed, in the post-Brexit cross-border trade world.

buy Pregabalin online uk There is, however, an intriguing approach being taken by the UK, which might indicate the direction of travel for financial services. So-called ‘fintech bridge’ agreements are not binding trade deals. Rather, they are statements of goodwill and an intention for collaboration between countries. As such, they are excluded from the restrictions on EU members making bi-lateral deals.

go here According to Politico, Britain has signed fintech bridge agreements with a number of East Asian countries such as Singapore, Hong Kong, China and Korea as well as Australia. The fintech bridges streamline the process for start-ups to expand into the UK and likewise for UK fintech companies to expand overseas. The deals are designed to facilitate cross-border investment and streamline regulatory hurdles to enable UK companies to set up operations overseas, and foreign companies to bring their wares to the UK. This is an extremely welcome step.

les rencontres prУЈs obernai Financial technology is one sector in which the UK can credibly claim to be the world leader. These bridge deals provide an opportunity for the UK to strengthen its ties to emerging financial powerhouses around the world and ensure that the country maintains its pre-eminence as it leaves the European block.

follow url For example, Singapore has made significant investments in globalising its financial markets, as well as attracting experts in cutting-edge technologies such as blockchain. It is important that the UK remains close to these ambitious and fast growing financial sectors around the world. That said, the bridge deals are limited and, without a comprehensive agreement with the European Union on financial services in the final settlement, the UK fintech sector will face headwinds.

While we are far from the mass exodus which some predicted before the referendum vote, many large banks are at least hedging their bets by moving some operations and jobs to mainland Europe.

finasteride private prescription uk Old Street, the heart of London’s tech scene, is just a couple of tube stops away from the financiers at Moorgate. This is a big part of what makes London so attractive; top technologists, major banks’ European headquarters and trading centres all within a few miles of one another.

prednisolone zentiva 20mg 973 These bridges are an encouraging start, but the UK will need to develop many more of these relationships, as well as formalised agreements with key global regulators, to give our fintech industry the support it needs to continue to be the world leader.