Australia Prepared to Sign Fintech deal with the United Kingdom

Australia is prepared to sign a fintech deal with the United Kingdom to boost crosstalk in one of the fastest-growing industries in Britain.

The Treasury is reported to be currently working on an agreement to support co-operation on fintech between the regulatory authorities in the Australia and the United Kingdom.

Talking at the trade conference of City & Financial Global yesterday,  the Australian High Commissioner to the United Kingdom, Alexander Downer, said that both sides were “in the process of concluding negotiations.”

Fintech is a key growth sector in the United Kingdom; this year, startups in the industry attracted a record amount of investment.

In October, over $1bn (£760m) had been invested in fintech firms, more than double the amount that had been invested into the industry at the same point in 2016.

Downer stated that, after Brexit, Australia wished to improve its trading relationship with the United Kingdom, and that “doomsayer” stories about leaving the European Union assumed that other countries were “lining up to have a shot at” Britain.

“Well I can speak for just about all of them, other than North Korea…and the truth is we are all looking to maintain or improve the arrangements we have,” said Downer. “You are welcome to have access to our market for your services and we would like to enhance our mutual recognition arrangements we already have with the UK.”