The UK’s Regulatory Innovation Office will collaborate with the Digital Regulation Cooperation Forum to streamline regulations for fintechs facing complex compliance challenges.
Last year, the UK’s growing fintech sector secured $3.6 billion in investments, highlighting its central role in the Government’s growth strategy.
Technology Secretary Peter Kyle points out that fragmented rules and regulatory complexities hinder innovation, slow down the introduction of safer financial products, and discourage investment.
The partnership between the RIO and DRCF aims to create a unified digital library that provides a comprehensive resource for digital policies and regulations, making it easier for innovators to access necessary information. Kyle emphasizes that this initiative will particularly assist smaller fintech firms, which often lack dedicated compliance teams to navigate regulatory obstacles.