New strategy for fintech sector to be revealed

The new strategy will include a task force to help fintech firms stay compliant with regulations. Pi

The new strategy will include a task force to help fintech firms stay compliant with regulations. Picture: Getty Images/iStockphoto - Credit: Getty Images/iStockphoto

Chancellor Philip Hammond is to unveil a new strategy for the financial technology (or fintech) sector.

At a conference in London on Thursday he will announce a 'cryptoassets task force' aimed at making it easier for fintech firms to follow complex regulations.

Mr Hammond said: 'From the square mile in London to Scotland's Silicon Glen, the UK leads the world in harnessing the power of fintech as we create an economy fit for the future.

'I am committed to helping the sector grow and flourish, and our ambitious sector strategy sets out how we will ensure the UK remains at the cutting edge of the digital revolution.

'As part of that, a new task force will help the UK to manage the risks around cryptoassets, as well as harnessing the potential benefits of the underlying technology.'

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A UK-Australia 'fintech bridge' to help British firms expand internationally is also being launched.

Digital and culture secretary Matt Hancock said: 'We are determined to make Britain the best place to start and grow a digital business while giving consumers more choice when it comes to managing their money.

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'This new nationwide fintech programme will help startups right across the country flourish in the future and spread the benefits of this pioneering technology.'

The fintech sector contributes £6.6bn annually to the UK economy, and employs more than 60,000 people across 1,600 companies.

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