UK an South Korea building tech bridges #technews #businessnews
Britain and South Korea have established a “fintech bridge” intended to make it easier for both countries to invest in the burgeoning financial technology sector, the British Treasury said on Friday.
The cooperation agreement, which follows similar deals with Australia and Singapore this year, will give British fintech companies and investors access to the Asian market and would attract Korean firms and investors to Britain, the Treasury said in a statement.
Britain has become the global capital for fintech, which is shaking up the traditional banking and financial services industry. More people work in the UK industry than in New York, or in Singapore, Hong Kong and Australia put together, a recent report by consultancy firm EY showed.