Note from the Publisher: In what appears to be a move to help stem the potential outward flow of fintechs from the UK post-Brexit, Britain has penned a deal with Thailand to help both countries more easily invest in fintech with one another. A similar deal was struck between Australia and Singapore earlier, and we find the trend of state-sponsored cross-border cooperation on fintech investment a very interesting one.
Britain and South Korea have established a “fintech bridge” intended to make it easier for both countries to invest in the burgeoning financial technology sector, the British Treasury said on Friday.
The cooperation agreement, which follows similar deals with Australia and Singapore this year, will give British fintech companies and investors access to the Asian market and would attract Korean firms and investors to Britain, the Treasury said in a statement.
Britain has become the global capital for fintech, which is shaking up the traditional banking and financial services industry. More people work in the UK industry than in New York, or in Singapore, Hong Kong and Australia put together, a recent report by consultancy firm EY showed.