UK RegTech Recordsure has been included in the Department for International Trade’s (DIT) FinTech Bridge Pilot Programme with Australia. In partnership with Her Majesty’s Treasury, the programme aims to support collaboration and reduce barriers to international expansion.
This builds 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 Programme is highly competitive, with industry experts selecting just 10 companies to take part in Australia this year. Included businesses have demonstrated notable success in their sector and represent some of the best of UK fintech’s ecosystem’s growth and innovation potential.
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 the 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.
The Fintech Bridge Pilot Programmes 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.
Reflecting on Recordsure’s selection for the FinTech Bridge, Founder Joanne Smith commented:
“This is a brilliant programme and the perfect springboard to build on the momentum we have already gained through our Australia expansion this year. The UK has some fantastic FinTech innovations to showcase, and for Recordsure to have been selected amongst such strong competition is a huge honour. Working alongside the Department for International Trade, we look forward to collaborating with other leading FinTechs as we expand our international presence.”
To learn more about the FinTech Bridge, please visit the Department for International Trade’s website.