UK and South Korea strengthen ties on fintech

Out-Law News | 25 Jul 2016 | 4:25 pm | 1 min. read

Financial regulators in the UK and South Korea have signed a co-operation agreement as they aim to work more closely together to support innovation in financial technology.

According to the agreement (6-page / 165KB PDF), the UK's Financial Conduct Authority (FCA) and South Korea's Financial Services Commission (FSC) will "share information about innovations in financial services in their respective markets, where appropriate".

Information could be shared on "emerging market trends and developments; regulatory issues pertaining to innovation in financial services; and information on organisations or bodies which lead efforts to promote innovation in financial services", among other things, the agreement said.

The agreement was signed at the third annual UK-Korea financial forum in London and has been dubbed a 'fintech bridge' between the two countries.

The FCA entered into similar agreements with financial regulators in Australia and Singapore earlier this year.

Andrew Bailey, the FCA's chief executive, said: "The UK attracts innovators from around the world and as a result we need to continue our support in this fast moving sector. These co-operation agreements are absolutely vital in fostering an environment of fintech innovation on a global scale. We look forward to working closely with the FSC on our efforts to promote innovation in our respective markets."

Yim Jong-yong, chairman of the FSC, said: "Although Korea is a relative newcomer to fintech, we have been focusing on developing a regulatory environment that supports rapid growth of the sector. The fintech bridge with the UK, which is a pioneer of the industry, will enable Korea to more easily identify and adopt regulatory best practice. It is another step in strengthening the strong financial relationship between Korea and the UK."