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A new drive to attract investment into the UK’s booming financial technology (FinTech) sector has been launched by the International Trade Secretary Dr Liam Fox MP. It will involve prioritising investment into FinTech, setting up a UK FinTech steering board and connecting companies with global investors.
The Government recently published details of its first ever FinTech Sector Strategy, which sets out what action it has taken to make the UK the best place to start and grow a FinTech business, and what else it plans to do to maintain this position.
The European Commission has stated its ambition for Europe to become a global hub for FinTech, with EU businesses and investors able to make the most of the advantages offered by the Single Market in this fast-moving sector.
The Financial Conduct Authority (FCA) recently announced the signing of an arrangement with the US Commodity Futures Trading Commission (CFTC) that commits the regulators to collaborating and supporting innovative firms through each other’s financial technology (FinTech) initiatives – LabCFTC and FCA Innovate.