Government announces fintech “bridge” to UK to foster collaboration and investment

Treasurer Scott Morrison has unveiled plans for a new fintech “bridge” agreement between Australia and the UK in an effort to up investment in Aussie fintech startupsand make “digital business a global business”.

Speaking at FinTech Australia’s Intersekt Collab/Collide summit today, Morrison announced the agreement will be signed by the end of the year. The commitment is similar to the one signed by Austrade and the Commonwealth Bank of Australia earlier this year, which also has a goal of attracting further investment and enabling an easier flow of information.

“The fintech bridge will enable close collaboration between governments, regulators and the industry — to identify emerging trends, share policy developments and better position firms for the challenges of entering a foreign market,” Morrison told the summit.

“The bridge will give our fintech firms an avenue to pursue international expansion or partnerships with innovative companies in the UK.”

Morrison said the agreement will also give Australia a “seat at the table” when it comes to discussions around global regulation and standardisation of fintech, saying Australia is a “little more progressive” when it comes to the treatment of fintech companies. Read more

Dominic Powell - Smart Company - 2 Nov 2017