The agreements between countries to harmonize the Fintech related standards have recently been in the limelight. With the UK-China alliance initiated by BGTA, both the countries agreed on knowledge sharing and supported the growth of cross-border fintech activity.
The primary purpose of BGTA is to benefit the UK by acting as an impetus to fintech investments that would eventually lead to export of the fintech services to China.
The UK-China FinTech Alliance is one the non-profit measures undertaken to encourage the collaboration between the globally recognized fintech sector of UK and the fastest growing Fintech sector of China. This alliance will act as in-built mechanism to iron out the problems between the cross-border activities of each other’s fintech firms.
One of the foremost problem is the lack of communication between two players and hence hindered the development of partnerships between the fintech sectors of these two countries.
Through this alliance China is eyeing to enhance the competitiveness while UK is aiming for increasing the share of its business in the Chinese market.
Helen Wang, CEO of BGTA, commented: “The UK-China FinTech Alliance is a promising first step to supporting shared knowledge and connections, to improve commercial inertia between financial technology companies, whether they are startups or corporates.
The ambition is that we can see a significant improvement for companies on both sides accessing each market, and provide a feedback loop to policy providers and decision makers, to better improve communications between these two nations. We’re proud to launch the alliance with a great list of Founding Members, and we welcome further businesses to join us in our mission.”
Moreover, one of the Chinese Fintech firm’s director was of the view that UK had an experience in technologies, talent training and regulation in the FinTech industry. Therefore, through this alliance Chinese firms would be able to form mutually beneficial partnerships with their UK counterparts.
However, according to UK market participants, culture remain of the stumbling block in the way of effective partnership. But the hurdles are expected to be removed once a clear channels of communication are established between the two partnering firms.