PEER-TO-PEER lender Crowd2Fund has been named as one of just 10 UK firms to benefit from two new fintech bridge programmes with Hong Kong and Australia.
The Department for International Trade (DIT) and the Treasury said that the pilot programmes will help to bolster existing frameworks and build on previous fintech bridge agreements which have been signed with Australia, Hong Kong, China, Singapore and South Korea.
The programmes will run until November 2019, during which time the UK participants will visit Australia and Hong Kong and receive tailored support from DIT, including mentoring and networking advice.
Trade secretary Liam Fox said he was delighted to launch the programme and heralded the “spirit and innovation” of the UK participating firms.
“With the UK accounting for 11 per cent of the global fintech industry and employing over 75,000 people in the UK, DIT will continue to support fintech and build upon initiatives and policy frameworks, such as the fintech bridge programmes for reaching key markets and ensuring we remain at the forefront of the industry,” he added.
The programmes will involve collaboration between the various governments and their regulatory bodies, as part of their remit to improve trade and innovation across borders.
According to the DIT, Australia and Hong Kong have almost 1,000 active fintech companies between them.
Since the first fintech bridge was launched between the UK and Australia one year ago, UK start-ups have been able to access a market of 24 million people in Australia’s rapidly growing fintech sector.
“We are thrilled to have been accepted into this prestigious programme which allows Crowd2Fund to retain a global vision and expand internationally more easily,” said Chris Hancock, chief executive of Crowd2Fund.
“Having the opportunity to trade within a well-developed market that is very similar to the UK is very exciting. There are two million small businesses within Australia and a credit supply that is ripe for disruption.”