- Liam Fox and DIT launch 2 Fintech Bridge Pilot Programs in Australia and Hong Kong in partnership with HMT.
- 20 high-achieving UK companies chosen to take part in the new programs.
- State of the Nation report launched, outlining key facts and figures on the future of the UK Fintech industry.
As London’s Fintech Week begins, the Department for International Trade (DIT), in partnership with Her Majesty’s Treasury (HMT), announces 2 Fintech Bridge Pilot Programs today (Monday 29 April), building upon our Fintech Bridge agreements with Hong Kong and Australia.
The Programs aim to bolster existing frameworks, providing tailored, structured support for each company within the cohort. In doing so, the aim is to open further opportunities for UK financial technology (fintech) companies and to reduce barriers faced as they undertake their international expansion.
They build upon the Government’s Fintech Bridge agreements signed with Australia, Hong Kong, China, Singapore and South Korea. A Fintech Bridge represents a bespoke agreement outlining collaboration between two governments, cooperation between regulatory bodies and connectivity between two markets and ecosystems. This encourages the sharing of information, including emerging trends and regulatory issues, with counterparts and discussions around areas of best practice.
The Programs are highly competitive, with industry experts selecting just 10 companies to take part in each this year (20 companies in total). The businesses will have demonstrated notable success in their sector and represent some of the best of UK fintech’s ecosystem’s growth and innovation potential.
The Programs will run for 10 Months from March-November 2019. The participants will visit Australia and Hong Kong and receive tailored support from DIT, including mentoring and networking advice.
Secretary of State for International Trade and President of the Board of Trade Liam Fox said:
“I’m delighted to announce the launch of DIT’s Fintech Bridge Pilot Programs. The 2 cohorts are made up of sector-leading companies representing the spirit and innovation which make London an undisputed global fintech hub.”
“With the UK accounting for 11% of the global fintech industry and employing over 75,000 people in the UK, DIT will continue to support fintech and build upon initiatives and policy frameworks, such as the Fintech Bridge Programs for reaching key markets and ensuring we remain at the forefront of the industry.”
Lord Mayor of London Peter Estlin said:
“Fintech is already a major asset for London and the UK, employing over 75,000 people – a figure expected to surge to well beyond 100,000 by 2030.
“It is vital that we ensure innovative UK fintech firms can access overseas markets to support their growth and share international best practice. DIT’s Fintech Bridge Pilot is a step in the right direction.”
With large-scale business opportunities, Australia and Hong Kong have almost 1,000 active fintech companies between them and are well-connected to other key markets across Asia Pacific.
Launched in 2016 by DIT, HMT, Financial Conduct Authority (FCA) and the then-Economic Secretary (EST) Fintech Bridges represent the Government’s flagship international fintech policy, which sets out a bilateral agreement between the UK and a priority market with the aim of facilitating trade flows, reducing frictions to international growth and increasing access to capital opportunities.
These initiatives will be the focus of DIT’s event; ‘UK Fintech on the Global Stage’, held at Mansion House later today. The day will also celebrate the 1-year anniversary of the UK-Australia Fintech Bridge, which has connected UK start-ups to a market of 24 million people in Australia’s rapidly growing fintech sector.
Alongside the announcement of the Pilot Programs, DIT published its ‘State of the Nation’ report today, a detailed document that consolidates knowledge and perspectives of industry leaders to detail the UK’s fintech industry’s journey to date and future strategy. The report will act as a reference for the UK’s attractiveness as a fintech destination for Government and the wider community.
The Fintech Bridge Pilot Programs have been launched at a pivotal time for in UK fintech rose by 18% to $3.3 billion in 2018 and VC investment reached a record $36.6 billion across 2,304 deals, a 148% increase from previous years.
Background
- The Department for International Trade (DIT) secures UK and global prosperity by promoting and financing international trade and investment, and championing free trade. We are an international economic department, responsible for:
- Bringing together policy, promotion and financial expertise to break down barriers to trade and investment, and help businesses succeed
- Delivering a new trade policy framework for the UK as we leave the EU
- Promoting British trade and investment across the world
- Building the global appetite for British goods and services
- The two cohorts for the Fintech Bridge Pilot Programs 2019:
2i) Australia
Crowd2Fund is an alternative solution to an out-of-date financial
system designed for investors and innovative businesses. It gives investors great investment opportunities, while ensuring businesses get access to funds at competitive rates.
Disberse is a new kind of regulated financial institution for the aid industry built on distributed ledger technology. It enables donors and aid organisations to manage and move money across the globe more transparently and efficiently.
Fractal is fundamentally changing how Small-Medium-Enterprises (SMEs) access financial services. They combine data and automation to unlock an entirely new value exchange between SMEs and their Financial Services (FS) providers.
pirkx is egalitarian and socially conscious, providing benefits and savings for individuals in order to extend their income spending potential and enhance their health and financial well-being.
Recordsure improves performance, transparency and culture within regulated firms. The solution is built upon AI-powered tools that gather data from all customer interactions, automatically interpret the information the way a human reviewer would and then leverage unique insights such as significant cases which need follow-up action.
Smart Pension has built the first truly digital DC pensions platform. The unique world-class technology solution can help Australian Superannuation Funds reduce operating costs, experience best-in-class administration and transform user engagement.
Thyngs was founded in 2016 and connects the physical and digital world to create powerful multi-channel commerce solutions that are simple, quick and cost-effective. It also transforms any physical product, packaging or advertisement into an instant point of transaction without the need for an app.
TradingHub’s tools help solve a range of issues for sell side and buyside financial services clients.
TrueLayer builds universal APIs that allow companies to securely and
efficiently access their customers’ bank accounts to share financial data, initiate payments and validate their identity.
2ii) Hong Kong
AMPLYFI is transforming the business intelligence and research sector, displacing traditional analytical methods with cutting-edge technology. Its software solutions are driven by its own propitiatory AI, where it’s developed world leading technology to empower its customers to make faster, data-driven decisions.
Artificial Labs makes insurance frictionless. It builds superior products to harmonise the insurance experience for your business and customers. Their solution radically improves the performance of insurance companies by providing them online software as a service platform to embrace the power of your data; simplifying the pricing, distribution, claim automation and selection of risk using AI.
ComplyAdvantage helps firms make intelligent risk decisions faster. It provides the world’s only dynamic, real-time database of people and companies to help determine any risks associated with who you do business with.
Delio is a digital infrastructure that helps financial institutions, including top-tier global banks, to launch, streamline and scale the way they connect private assets with capital. Delio does this by providing a highly configurable white-labelled platform with a host of rich functionality that optimises the origination, execution, distribution and portfolio reporting of private equity, private debt, real estate, social impact and fund investment opportunities.
Novastone builds privately-hosted or on-premise white label messaging solutions for high-value client interactions in financial services, legal and healthcare. Novastone’s secure, mobilecentric instant messaging platform is designed for firms that deliver a high-touch, personalised client experience through relationship teams.
Onfido is working to create an open world where identity is the key to access. Whether it’s sharing a car or opening a bank account, many services are moving online. That means millions of everyday interactions now happen digitally– without people ever meeting face-to-face. Its mission is to help more people access those services by building trust between businesses and their users.
Paymentology provides next generation card issuing and processing for digitally enabled banks. With Standard Chartered as a customer, Paymentology is already an established solution provider in Hong Kong and expanding, driven by the new Monetary Authority banking licenses and market demand in the region.
Seedrs has democratised access to venture capital by allowing all types of investors to invest as little or as much as they like in the businesses they believe in
Trade Ledger is a business lending technology platform built specifically for banks and alternative finance providers looking to digitise their corporate lending operations.
TransferWise is a financial company for people who travel, live and work internationally. It makes sending money overseas up to eight times cheaper than a banks’ rate.
