The UK fintech sector now employs more than 60,000 people and, in 2015, generated a substantial £6.6 billion in revenue.
In an opinion piece published in City AM, HM Treasury’s special envoy Eileen Burbidge explains that the UK's finch sector has, over recent years, grown to become a leading global player in this sphere.
"There is no question that more technology innovation and value creation in financial services comes from the UK than anywhere else in the world," says Eileen.
"We have all the ingredients for success here: the best talent from a nation which houses the financial capital of the world, a world-renowned regulator committed to innovation, and a government which has placed competition in financial services at the heart of its agenda."
With a regulatory co-operation agreement now in place between the UK financial regulator and the People’s Bank of China, Eileen explains that today marks an important step towards "overcoming new barriers and strengthening ties between the UK’s market and the rest of the world."
Through this agreement, the UK government has now established a "fintech bridge" with China, one of the key priority international markets, making it easier for fintech to cross borders and improving knowledge sharing of each country’s fintech sector, including market trends and regulatory developments.
Adding to the growing relationship between the UK and China, the eighth UK-China Economic and Financial Dialogue is currently underway, with the aim of intensifying the trading relationship between the two countries and showcasing Britain as one of the best places in the world to do business.
"I look forward to seeing the first UK fintech companies enter China and also to seeing increased Chinese investment in the UK sector as the benefits of the bridge come to fruition.
"I truly believe that this is the beginning of newly increased UK-China co-operation which will lead to a golden era for UK fintech," says Eileen.
At Beavis Morgan, our dedicated Entrepreneur Support Team works with entrepreneurial people in the fintech sector, assisting with starting up, fundraising and investment, and advising on business growth and development, whilst all the time helping you navigate the maze of often complex tax issues.
We also offer specialist services to identify business opportunities for Chinese investors looking to enter the UK market – and we provide a comprehensive range of professional services to help you make the most of your investment in the UK.