Asked by: Adam Afriyie (Conservative - Windsor)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has had discussions with his international counterparts on establishing new Fin Tech bridge agreements between their countries and the UK.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
There have been no recent discussions between the Chancellor of the Exchequer and international counterparts on establishing new FinTech Bridge agreements since the signing of the UK-Australia FinTech Bridge in March 2018. However the UK remains committed to fostering international collaboration and exploring the scope for additional FinTech Bridge agreements where opportunities are present.
Asked by: Adam Afriyie (Conservative - Windsor)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the effectiveness of the FinTech bridge agreement between the UK and China.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The UK’s FinTech Bridge agreements have facilitated positive cross border activity between the UK and our Bridge partner markets, and UK officials work closely with counterparts in each FinTech Bridge market to support firms seeking to export internationally.
Asked by: Adam Afriyie (Conservative - Windsor)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the effectiveness of the FinTech bridge agreement between the UK and South Korea.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The UK’s FinTech Bridge agreements have facilitated positive cross border activity between the UK and our Bridge partner markets, and UK officials work closely with counterparts in each FinTech Bridge market to support firms seeking to export internationally.
Asked by: Adam Afriyie (Conservative - Windsor)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the effectiveness of the FinTech bridge agreement between the UK and Singapore.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The UK’s FinTech Bridge agreements have facilitated positive cross border activity between the UK and our Bridge partner markets, and UK officials work closely with counterparts in each FinTech Bridge market to support firms seeking to export internationally.
Asked by: Adam Afriyie (Conservative - Windsor)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the effectiveness of the FinTech bridge agreement between the UK and Hong Kong.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The UK’s FinTech Bridge agreements have facilitated positive cross border activity between the UK and our Bridge partner markets, and UK officials work closely with counterparts in each FinTech Bridge market to support firms seeking to export internationally.
Asked by: Adam Afriyie (Conservative - Windsor)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what assessment he has made of the effectiveness of the FinTech bridge agreement between the UK and Australia.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The UK’s FinTech Bridge agreements have facilitated positive cross border activity between the UK and our Bridge partner markets, and UK officials work closely with counterparts in each FinTech Bridge market to support firms seeking to export internationally.
Asked by: Adam Afriyie (Conservative - Windsor)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, whether his Department plans to review money laundering regulations to take into account the effect of cryptocurrencies.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government has committed to bringing digital currencies into the scope of anti-money laundering regulation. The Government anticipates that the Fifth Anti-Money Laundering Directive will enter into force at EU-level in summer of this year, with a transposition deadline of late 2019. This will be during the Implementation Period, and so the UK will transpose this Directive. These amendments bring virtual currency exchanges and custodian wallet providers into the scope of obliged entities. We will consult on any steps the government proposes to take to regulate digital currencies under UK law.
The Government has also recently announced the establishment of the Cryptoassets Taskforce, consisting of HM Treasury, the Bank of England and the Financial Conduct Authority. As part of its work, the Taskforce will consider the risks of cryptoassets and the future responses of the appropriate authorities, including around anti-money laundering regulation.
Asked by: Adam Afriyie (Conservative - Windsor)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what steps the Government is taking to encourage financial technology firms to relocate to the UK.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
The Government is committed to ensuring that the UK is the best place to start and grow a fintech business. The new Fintech Sector Strategy – launched by the Chancellor at the recent HM Treasury-organised International Fintech Conference – sets out the practical steps that have been, and will be, taken to support this commitment. For instance, the Strategy includes pilot schemes to help new fintech firms (and the financial services industry more widely) comply with regulations by building software which would automatically ensure they follow the rules, saving them time and money, and the creation of a set of industry standards which will enable fintech firms to more easily partner with existing banks.
The Strategy is available at: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/692874/Fintech_Sector_Strategy_print.pdf
Asked by: Adam Afriyie (Conservative - Windsor)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment his Department has made of RegTech's potential effect on reducing the administrative burden of regulation.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
RegTech has significant potential to reduce the administrative burden of regulation. The Financial Conduct Authority is already aware of the opportunities associated with RegTech, and have run a series of ‘tech sprints’ intended to address specific industry challenges.
Asked by: Adam Afriyie (Conservative - Windsor)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what recent steps he has taken to promote financial technology.
Answered by John Glen - Paymaster General and Minister for the Cabinet Office
Fintech offers a significant opportunity for the financial sector, providing new jobs and delivering benefits to consumers through increased competition and innovation. It contributes £6.6bn annually to the UK economy, employing 60,000 people across 1,600 companies.
The most recent step taken to promote the UK’s fintech industry, is the government’s second International Fintech Conference, due to be held on 22 March 2018. The conference will help showcase the UK fintech sector to investors from across the globe.
The government is continuing to support alternative finance, through implementing proportionate, principles based regimes for peer-to-peer (P2P) and equity-based crowdfunding that balance consumer protection with allowing the sectors to grow and evolve; and various supportive tax measures.