Monday 29 April 2019 7:42 pm

Government moves to take UK fintech startups global

The UK’s fintech startups are set to get a boost from the government towards expansion across borders, international trade secretary Liam Fox announced yesterday.

Building on the so-called fintech bridge agreements signed by the UK and other nations in recent years, a cohort of startups have been selected for two pilot programmes that will provide them with support from government bodies and regulators.

Read more: UK fintech must have ambitions to challenge China, LSE boss says

The young companies include familiar names such as Transferwise and Seedrs, as well as smaller firms including Truelayer, Complyadvantage and Smart Pension.

The 2019 programmes will run in for ten months, in partnership with the governments of Australia and Hong Kong. Other fintech bridge agreements have previously been established with China, Singapore and South Korea.

The UK accounts for 11 per cent of the global fintech industry, employing more than 75,000 people with a forecast to surge beyond 100,000 by 2030.

Read more: The UK's young 'tech for good' startups valued at £2.3bn

“It is vital that we ensure innovative UK fintech firms can access overseas markets to support their growth and share international best practice,” said lord mayor of London Peter Estlin. 

“[The department's] Fintech Bridge Pilot is a step in the right direction.”

Truelayer chief executive Francesco Simoneschi said the programme represented “an excellent way to solidify and grow the UK’s fintech reputation on the world stage”.