The UK had solid representation in Singapore last week for the inaugural Fintech Festival. The UK Economic Secretary Simon Kirby was in Singapore attending the event, helping to promote the globalization of Fintech – an admirable pursuit. This past spring, A
This past spring, a Fintech Bridge was created between the UK and Singapore under the guidance of the Financial Conduct Authority. This bridge was designed to help financial technology firms and investors from each country gain access to the other – thus mutually beneficial.
— UK in Singapore (@UKinSingapore) November 16, 2016
Earlier this month the UK signed an agreement with China too. This was part of a strategic plan for financial services cooperation between the two countries. A Fintech Bridge was incorporated into this agreement as well. The Bridge will strengthen regulatory cooperation and boost reciprocal market access for both UK and Chinese Fintech firms. This just makes sense.
China, Hong Kong, and Singapore have each targeted Fintech as strategically important. They also want to challenge the UK as the global leader in the space.
The UK Department of Trade did a bit of chest pounding with an infographic on Fintech at some point this year. Claiming the title of top Fintech innovation hub (referencing a benchmarking report from EY), the infographic highlights the following:
- The UK has the strongest Fintech ecosystem, closely followed by California and New York
- The Fintech workforce is estimated at over 61,000 employees – more than Hong Kong, Singapore, and Australia combined
- Fintech generated over £6.6 billion in revenue during 2016
- The competitive advantage of the UK? Supportive regulations, tax incentives and policy makers. It counts.