- The UK's Fintech Industry Support Policies and Implications
- ㆍ 저자명
- YANGHyoeun
- ㆍ 간행물명
- World Economy Brief
- ㆍ 권/호정보
- 2017년|17권 (통권7호)|pp.1-5 (5 pages)
- ㆍ 발행정보
- 대외경제정책연구원|한국
- ㆍ 파일정보
- 기타|ENG| PDF텍스트
- ㆍ 주제분야
- 사회과학
The rapid growth of the UK fintech industry is closely linked to the high quality of its fintech ecosystem. The global consulting agency Ernst & Young analyzed the quality of fintech ecosystems based on four categories: talent, capital, policy, and demand (Ernst & Young 2016). According to this analysis of the quality of fintech ecosystems, the UK has the best ecosystem among global fintech hubs. The most interesting feature of the UK government's fintech support policy is that the regulator who supervises the financial market provides direct and customized support to businesses which are under its supervision so that those businesses can easily understand the regulatory system and comply with less time and cost. Overall, based on this supportive attitude of the regulator, the interactive exchange of opinion and information among the government, companies, investors, and developers provided a good soil for establishing a strong and effective fintech ecosystem in the UK. Considering that the core purpose of financial regulation should include stabilizing the financial market and also increasing the benefit to consumers by promoting innovation and competition in the market, the fintech support policy of the UK government provides a fine example for financial regulators as the continuing economic downturn is causing a desperate need for innovation in the market.