UK-Australia FinTech Bridge
The UK has entered 5 FinTech Bridge agreements with other FinTech hubs including Singapore, South Korea, China, Hong Kong, and Australia. These bespoke agreements create valuable opportunities for the UK by overcoming barriers to international market entry and linking UK-based FinTechs with opportunities for international investment.
By Aaron Garry
The UK-Australia FinTech Bridge is a bilateral agreement that aims to strengthen engagement on fintech policy and regulation, facilitate trade flows and access to capital opportunities, and address barriers to international growth.
What is being carried out under the Bridge?
The Department for International Trade (DIT) launched a pilot program for 10 UK firms in April to run across the UK-Australia FinTech Bridge during 2019. The Program opens up further opportunities for UK financial technology companies to reduce barriers faced when expanding into the Australian market, providing tailored, structured support for each company within the cohort.
The Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) have signed a memorandum of understanding to support firms navigate the regulatory system in each market. Firms that meet certain eligibility criteria can access opportunities including support accessing regulatory sandboxes in each market, and a referral system to direct firms to both regulators’ Innovation Hubs.
HM Treasury and the Australian Department of the Treasury now hold quarterly Working Groups to bring together the key agencies including ASIC, Austrade, the FCA and DIT to share experience and expertise of fintech policy; and consider feedback provided by fintechs seeking to enter each market. To date, discussions have covered the regulatory sandbox, the UK’s Open Banking initiative and Crytpoasset Taskforce, Australia’s New Payments Platform and stored value facilities, Australia’s Consumer Data Right, and Australia’s Review into ICOs.
Who is eligible to benefit from the FinTech Bridge?
- UK FinTech businesses expanding into Australia
- Australian FinTech businesses expanding into UK
- Investors seeking opportunities in both markets
Accessing support
- To apply for Bridge support from DIT to enter the Australian market, contact FSOfintechs@trade.gov.uk.Firms seeking to move from Australia into the UK market should contact London@austrade.gov.au.
- Firms that would like to raise issues that may be addressed through the UK-Australia FinTech Bridge should contact fintech@hmtreasury.gov.uk.
- Firms that would like to access regulatory support should contact innovate@fca.co.uk or ASIC’s Innovation Hub.
If you are a UK based fintech firm please contact us to discuss your business establishment requirements here in Australia on contact@abnaustralia.com.au.