Powered by MOMENTUM MEDIA
subscribe to our newsletter
Aussie fintechs to have greater access to foreign market

Aussie fintechs to have greater access to foreign market

Treasurer Scott Morrison has signed an agreement with the UK government, designed to provide Australian fintech companies with enhanced access to global markets.

According to the Treasurer, the UK-Australian Fintech Bridge, signed in London by Mr Morrison and UK Chancellor of the Exchequer Philip Hammond, will deepen regulatory ties between the nations.

The agreement involves:

Advertisement
Advertisement
  • collaboration between governments to identify emerging fintech trends and policy issues, enabling better policy responses;
  • sharing of Australian and UK regulatory expertise, facilitating the entry of fintech start-ups into each jurisdiction’s regulatory sandbox and exploring opportunities for quicker licence processing for fintech firms that are already licensed or authorised in the other country;
  • enhancing bilateral trade and investment flows, with trade and investment promotion agencies supporting fintech firms looking to expand overseas; and
  • promoting engagement between Australian and UK fintech sector bodies to discuss collaboration opportunities between fintech businesses. 

“Fintech is changing the way we engage with financial providers, giving consumers and businesses more control over and choice in the services they receive. It is also delivering better outcomes by increasing access to finance, and increasing competition in financial services,” Mr Morrison said.

“The Turnbull government recognises the significant growth opportunity for both the UK and Australian economies from closer collaboration on fintech developments.”

The deal will enable Australian firms to tap into the lucrative UK fintech market, which generates £7 billion in annual revenue, and employs 61,000 people.

[Related: Fintech lenders eye bigger slice of SME market]

 

 

 

Aussie fintechs to have greater access to foreign market
mortgagebusiness

Charbel Kadib

Charbel Kadib is a journalist on the mortgages titles at Momentum Media.

Before joining the team in 2017, Charbel held roles with public relations agency Fifty Acres, and the Department of Communications and the Arts.

Charbel graduated from the University of Notre Dame Australia with a Bachelor of Arts (Politics & Journalism).

You can email Charbel on: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Latest News

A new acting CEO of ANZ New Zealand has been appointed to replace David Hisco, who has been embroiled in allegations of mischaracterising pe...

CoreLogic has reported a spike in auction volumes and an improvement in clearance rates across Australia’s combined capital cities. ...

The Tasmanian bank has announced the sale of its financial planning business assets to Fiducian Group. ...

FROM THE WEB
podcast

LATEST PODCAST: Movers and shakers

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.