The growth of Fintech depended pretty much on the first-ever partnership launch of the United Kingdom. After the launch, there were several questions which were raised by people. The leaders of the industry also asked questions whether they have lived up to their expectations or not.
When the government of the United Kingdom first launched this series of Fintech Bridge Agreement, the motto was to help the firms do good business in other technology hubs across the world. Their growth has been good and the results show that after three years establishments of Fintech Bridge were made in Hong Kong, China, Singapore, and Australia and also in South Korea.
This bilateral agreement was made for overcoming the barriers that are faced by the firms of the United Kingdom while spreading out beyond the continent. According to the report of the DIT state of the nation, which was published in April, those firms which are licensed by the FCA or the Financial Conduct Authority will be referred directly to the regulators of the Bridge Market. The process of getting licensed will be more eased.
The truth about the Fintech Bridge
As per the report, the chief executive of the Bruce Bond banking industry, Eyal Nachum agreed that there are some issues in the collaboration and due to the same, it failed to move further. This bride offers reciprocal benefits. The international partners have more to take, but it offers limited things.
The result has been tremendous though it is very early to judge anything. In Australia 50% of the 526 Fintech firms extending their business overseas. These businesses will be spread in the markets which are licensed by the United Kingdom. South Korea is also not so far behind, it is easing the regulations of the finance. Here bridge agreement plays a vital role.
Despite all this, the agreement doesn’t help the new companies which are just beginning their business in the international market. But it is full of positive potential and surely it will be helpful to everyone. The time is not ripe yet, so when the time will come everything will happen according to the plan. The United Kingdom will be much more benefitted than any other country because their relationship with other countries will also develop and it will help their business relation also. The growth will increase eventually with time.