Fintech relationships between companies in the US and UK has been given a boost due to the establishment of a Financial Innovation Partnership (FIP).
The Partnership between the US Department of the Treasury and the UK HM Treasury is expected to “build on and deepen bilateral engagement on emerging trends in financial services innovation.”
Graham Stuart MP, minister for investment, commented: “The United States is the United Kingdom’s largest bilateral trading partner, so it is brilliant to see this commitment to increase commercial and regulatory cooperation between our leading financial services sectors.
“Today’s announcement is another positive step toward deepening the already extensive economic ties between the United Kingdom and the United States.”
The Partnership was announced at the US-UK Financial Regulatory Working Group, which was established to facilitate even closer collaboration on financial services issues between the respective treasuries and regulators.
Focuses include collaboration in the private sector, sharing information about regulatory practices, and promoting growth and innovation.
Heath Tarbert, acting under secretary for international affairs at the US Department of the Treasury, noted: “Technology is the future of financial services, and innovation drives growth.
“By jointly fostering entrepreneurial breakthroughs, we will write a new chapter in the longstanding friendship between America and Britain.”
Regulatory and commercial engagement are noted as the two main aims of the partnership to support entrepreneurs and new business models whilst also keeping an open book for regulatory developments and sharing experiences on technical issues related to innovation in financial services.
John Glen, economic secretary to HM Treasury explained: “The United Kingdom and United States lead the world in financial services, and are at the cutting edge of innovative FinTech.
“By working more closely together through this new partnership we can help firms in both our countries to go even further to harness new technologies, share expertise and serve consumers.
“The International Trade Administration is looking forward to participating in this innovative new partnership with the UK that will help drive bilateral financial services collaboration and expand opportunities for firms from both countries at the intersection of financial services, technology and international commerce,” said Gilbert B. Kaplan, under secretary for international trade at the US department of commerce.
