The agreement, following the deals with Australia and Singapore in 2016, is expected to give UK fintech companies and investors access to the Asian market and attract Korean firms and investors to UK, reuters.com reports.
The agreement has regulatory approval from UKs Financial Conduct Authority (FCA) and the Korean Financial Services Commission (FSC), and will enable the regulators to share information about financial innovation in their respective markets.
In 2015 the UK fintech sector employed over 60.000 people and generated GBP 6.6 billion pounds in revenue. UKs vote to leave the EU has caused worries that start-ups will relocate. Financial firms rely on the EUs passporting system, which allows them to sell their services across the bloc while being registered and regulated just in UK, thus saving huge amounts of money by not having to set up shop in each member state.
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