The government has launched a global partnerships programme – Leading Edge – to help international financial institutions in priority markets access the best British fintech solutions.
The department for international trade’s programme, which will begin in Singapore and the US, is designed to promote the adoption of fintech, particularly of UK-grown solutions in areas such as artificial intelligence and regtech.
It also aims to help create the right conditions for new partnerships and trade and investment opportunities, as well as supporting important global financial and professional services relationships.
Large financial institutions will be able to make the most of the leading fintech scene in the UK, which is home to approximately 1,600 fintech firms – a figure which is expected to more than double by 2030.
In Singapore, the department of international trade has agreed partnerships with the three major banks: DBS, OCBC and UOB.
The UK and Singapore are both leaders in the global digital economy, with 65 per cent of all UK services exports to the world delivered remotely in 2019.
The fintech sector in the UK was estimated to be worth £11bn in revenue in 2019, up from £6.6bn in 2015, and now accounts for around eight per cent of total financial services output.
The launch of the programme comes as part of the UK’s involvement in the Singapore FinTech Festival. The department of international trade has a full programme of events, with speakers including minister for investment Gerry Grimstone and DBS chief executive Piyush Gupta.
“At this year’s Singapore FinTech Festival, the UK is showcasing why collaboration and innovation are key pillars of our fintech philosophy and why digitisation is a core part of the future of financial services,” said Grimstone.
“The digital adoption and transformation support offered by the UK’s leading firms will enable international financial institutions to remain not only competitive but also a viable part of the financial services sector of tomorrow.
“I welcome the launch of Leading Edge, which will give these global firms in our partner countries, including Singapore, the opportunity to collaborate with and benefit from the UK’s world-leading fintech expertise.”
“DBS is excited to work with Leading Edge, which offers us the opportunity to tap into the extensive range of capabilities of UK fintechs,” said Gupta.
“This will further enhance our existing in-house programmes that not only engage, nurture and grow the start-up community but through value exchange, create incremental value for our customers.”