Orient Magazine Issue 69 - November 2018 - Page 29

UK Department for International Trade FinTech Mission, November 2018 Collaboration is essential to the growth of global FinTech. The language of ‘competition’ and ‘disruption’ must give way to a vision of partnership and integration. Whether large or small, Financial Institutions (FIs) around the world are looking to FinTech to improve customer service, realise efficiencies in daily operations, fulfil their regulatory duties and improve the utilisation of data. Though there is no one-size-fits-all model, collaboration between FinTech and FIs is leading to a gradual democratisation of financial services: empowering greater levels of participation through financial inclusion, improving user understanding, and increasing the options available to consumers, as well as their power to choose between them. Regulators, too, are embracing the need for greater collaboration. The recent announcement of the Global Financial Innovation Network – signed by 12 global regulators, including the Monetary Authority of Singapore – will increase collaboration between regulators on common challenges and questions of policy. The UK’s Financial Conduct Authority, as with many of its counterparts, is forging cooperation agreements with regulatory agencies in other jurisdiction (10, at the latest count), creating a clear framework for knowledge sharing and improved engagement. For FinTechs, closer alignment of procedures and policy will mean less duplicated compliance work and more freedom of movement between markets. At the UK’s Department for International Trade, we understand the need for global collaboration. Technology crosses borders and so, therefore, should we. During this year’s MAS FinTech Festival, we will be hosting 12 of the UK’s preeminent FinTech companies – a showcase of innovation and excellence, epitomising Britain’s world-class finance offer and demonstrating why there is a global demand for British expertise. These are companies seeking to collaborate, pursuing new partnerships and deals which will simplify internal processes and improve customer service. Of equal importance is the behind the scenes work that the UK government undertakes to supporting the sector. Our ‘FinTech Bridge’ policy, the first of its kind, works to reduce trade barriers and facilitate greater cross-border activity in the sector. We’ve built 5 Bridges to-date – with Singapore, Hong Kong, Australia, China and South Korea – designed to foster greater links between government and industry in respective markets. There is still work to be done, but these Bridges set out our aspiration for international collaboration and provide a framework on which we can bring ecosystems together. In the spirit of collaboration, I welcome you to come and visit our UK pavilion during the MAS FinTech Festival – to spend time with the team, with our companies, and with the wider ecosystem at large. We’re excited to find new partners to work with and explore synergies that can lead to the global growth of this sector. We’re excited to share the UK’s expertise in financial services with the world. We’re excited to collaborate. Tom Helm is the Head of FinTech at the Department for International Trade. His goal is to support the global growth of UK FinTechs and create a domestic ecosystem where the world’s best FinTechs can flourish; an ecosystem worthy of its title as the global capital of FinTech. He is also responsible for supporting overseas FinTechs to set up and grow in the UK and is the Department’s lead for FinTech Bridge policy. Tomas Helm Head of FinTech (London) Email: tomas.helm@trade.gov.uk Web: www.great.gov.uk