22 March 2018
Media Release - #2018023, 2018

A win for Aussie FinTechs looking to London

Australian FinTech companies will benefit from improved access to global markets thanks to an agreement with the United Kingdom, signed overnight in London by Treasurer Scott Morrison.  

The UK-Australia FinTech Bridge was announced alongside the UK Chancellor of the Exchequer the Rt Hon Philip Hammond at the International FinTech Conference in London.

The deal will deepen ties between the Australian and UK Governments and regulatory agencies, further cementing the positions of Australia and the UK as leading global FinTech centres.

The FinTech Bridge includes:

  • 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 licenced 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.

The Turnbull Government recognises the significant growth opportunity for both the UK and Australian economies from closer collaboration on FinTech developments.

UK FinTech firms generate £7 billion in revenue annually, employ over 61,000 people and in 2017 raised £1.3 billion of investment. The sector’s strength comes from its world‑leading talent, a progressive regulator and a government focused on competition in financial services.

Investment in Australian FinTech in 2016 defied the global trend, reaching a high of over US$656 million. Australia is also the second largest alternative finance market in the Asia Pacific. Australia’s supportive regulatory settings and high rate of FinTech adoption presents an attractive market for the launch and expansion of FinTech products.

The FinTech Bridge is available on the Treasury website.