'FinTech Bridge' to Link China and the UK


FinTech is going to be absolutely massive. It's going to be even bigger than the bridge in this picture - photo credit, Pixabay

There's been another development in the battle to be the future home of FinTech. Last month, we reported that the speed of the growth of this technology in China meant that London's current status as the home of FinTech seemed set to change.

Before going any further, though, it might be helpful to understand exactly what the technology is.

FinTech, short for financial technology, is a fast-growing area of start-up development, based on using software to provide financial services.

The technology has the potential to revolutionise banking, to the extent that some analysts are comparing the threat to established banks to the battle between Blockbusters and Netflix, or Yellow Pages and Google.

The new development in this saga means that co-operation between China and London - rather than competition - might be the key to future growth.

Industry publication Finextra reports that a 'milestone' in creating a 'FinTech Bridge' between the two hubs has been reached. The UK's Financial Conduct Authority and the People's Bank of China have apparently signed an agreement which will see co-operation over regulation of the sector, and allow start-ups and established firms easier access to markets. 

The bridge might not be complete yet, but news of increasing ties FinTech ties between China and London is certainly positive news for this dynamic sector, that we're all going to be hearing much more about in the future.

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