The UK’s Regulatory Innovation Office is to work with the Digital Regulation Cooperation Forum to cut red tape for fintechs as they navigate complex regulation.
Last year, the UK’s burgeoning fintech sector attracted $3.6 billion in investment, representing a key pillar in the Government’s go-for-growth strategy.
Technology secretary Peter Kyle says fragmented rules and regulatory complexity slow down innovation, delay safer financial products reaching the public, and deter investment.
The collaborative work between the RIO and DRCF will lead to creation of as unified digital library providing ‘one stop’ access to digital policy and regulations for innovators.
Kyle says the initiative will better help fintech firms navigate through the maze of regulations, noting that this could be especially tough for smaller companies, who often don’t have teams of compliance experts on hand.
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