The US Department of the Treasury and the UK HM Treasury have struck a partnership to boost financial services innovation.
Under the financial innovation partnership, the two parties will encourage dialogue in the private sector.
They plan to share each other’s experiences and regulatory developments in the area of financial innovation. The aim is to detect regulatory synergies, if any.
US Department of Commerce under secretary for international trade Gilbert Kaplan said: “The International Trade Administration is looking forward to participating in this innovative new partnership with the UK that will help drive bilateral financial services collaboration and expand opportunities for firms from both countries at the intersection of financial services, technology and international commerce.”
The new alliance also aims to promote commercial engagement in order to support new business models.
It will enable the UK Department for International Trade to offer UK firms access to the US market.
On the other hand, the US Commerce Department will be able to manage trade promotion missions to the UK supported by the new tie-up.
HM Treasury economic secretary John Glen 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.”