The UK, eyeing its ‘special relationship’ status with the US, is collaborating on a new Financial Innovation Partnership (FIP). The FIP partnership, which was announced during President Donald Trump’s recent visit to the UK, is a joint collaboration led by the HM Treasury (Her Majesty’s Treasury), the British govt. department that sees through all the public finance and economic policies, and the Department of the Treasury, the US Federal govt.’s executive dept. and treasury.
The said partnership is intended to promote collaboration on regulatory issues, along with the sharing of technical expertise and enhanced commercial opportunities between the two nations.
Also, under this partnership agreement, UK’s Department of International Trade (DIT) and the US Commerce Department will both be engaged in a reciprocating relationship, to smoothen the US & UK expansion plans for the UK & the US-based companies.
Speaking on this context, Heath Tarbert, Acting Under-Secretary for International Affairs at the US Department of the Treasury, says, “Technology is the future of financial services and innovation drives growth. By jointly fostering entrepreneurial breakthroughs, we will write a new chapter in the long-standing friendship between America and Britain.”
“The UK & US lead the world in financial services and are at the cutting edge of innovative fintech,” states John Glen, Economic Secretary to HM Treasury. “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.”