TAIPEI (Taiwan News) — The British Office Taipei (BOT) and Taiwan Financial Services Roundtable (TFSR) agreed to cooperate on the development of financial technology (FinTech) in both Taiwan and the U.K. through the signing of a Memorandum of Understanding (MoU) on Tuesday.
BOT’s representative Catherine Nettleton and TFSR President Hsu Jan-yau (許璋瑤) inked the MoU at a luncheon held on Tuesday in Taipei, with Wellington Koo (顧立雄), chairman of Taiwan’s Financial Supervisory Commission, and George Hollingbery, the U.K.’s Minister for Trade Policy at the Department for International Trade, as witnesses.
Visiting Taiwan for the first time, Hollingbery described the formation of a new alliance between the U.K. and Taiwan as “an important milestone.” Hollingbery said the U.K., as a leader across the world in the FinTech sector, is willing to share lessons learned from the U.K.'s experience with Taiwan as it seeks to become a FinTech hub in the region.
“I believe the financial services, in particular, offers us a real opportunity to enhance our cooperation,” said Hollingbery, adding that he looks forward to seeing the U.K. and Taiwanese companies build new and exciting partnerships through the MoU.
Even though the country is leaving the European Union within six months, Hollingbery emphasized that the U.K. would remain a global leader in the FinTech sector. “The U.K. hosts four FinTech unicorns,” said Hollingbery, referring to privately held companies that are currently valued at over one billion pounds sterling. “There are seven further on the way.”
“The industry is worth about seven billion pounds sterling to the U.K. economy, and employs over 75-thousand people across the U.K.,” added Hollingbery.
Financial services is one of the U.K.’s top exports to Taiwan and the sector is hugely important to the U.K., said the British representative to Taiwan. “I hope that after the signing of the MoU, the cooperation between the U.K. and Taiwan in the FinTech sector will be further boosted,” said Nettleton.
According to the TFSR, the MoU is the first such agreement signed between a private Taiwanese association and an official organization representing a foreign country for the mutual enhancement and development of financial technology.
The BOT said Hollingbery is visiting Taiwan to meet with President Tsai Ing-wen (蔡英文) and Taiwanese authorities, as well as to participate in the 21th U.K.-Taiwan Trade Talks later Tuesday.