The United States and United Kingdom have established the Financial Innovation Partnership to further collaboration between US Department of the Treasury and HM Treasury.
It will deepen bilateral engagement on emerging trends in financial services innovation, encouraging collaboration in the private sector, sharing information and expertise about regulatory practices, and promoting industry growth.
The plan is to focus on two main areas:
• Regulatory engagement: Dialogue between authorities and with the private sector is critical to identify and address potential regulatory synergies, share lessons, and develop closer working relationships. Building on existing cooperation by discussing regulatory developments and sharing experiences on technical issues related to innovation in financial services.
• Commercial engagement: Promoting a dynamic private sector that supports entrepreneurs and new business models – it will provide enhanced opportunities for the private sector in one country to engage with industry associations, and market participants in the other country. The UK Department of International Trade will bring UK firms to the United States and the US Commerce Department will coordinate trade promotion missions to the United Kingdom.
The Partnership was announced at the US-UK Financial Regulatory Working Group, which was established to facilitate even closer collaboration on financial services issues between respective treasuries and financial regulators.
Heath Tarbert, acting under secretary for international affairs at the US Department of the Treasury, said: "Technology is the future of financial services, and innovation drives growth - by jointly fostering entrepreneurial breakthroughs, we will write a new chapter in the longstanding friendship between America and Britain."
John Glen, economic secretary to the Treasury, said: "The United Kingdom and United States lead the world in financial services, and are at the cutting edge of innovative FinTech.
"By working more closely together through this new partnership we can help firms in both our countries to go even further to harness new technologies, share expertise and serve consumers."
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