Chancellor Philip Hammond is set to launch a fintech strategy this week to bolster the industry in the UK.
Hammond is expected to reveal the plan at an international conference on Thursday. According to The Sunday Times, he will say the Financial Services Trade and Investment Board has been asked to pick out two areas where industry and government could work together to improve the UK's involvement in the digital economy.
He will also lay out a plan to establish closer links with Australia's government, regulator and industries, creating a so-called "fintech bridge" with the country, and to build a new taskforce led by the Treasury, Bank of England and Financial Conduct Authority to look into the risks associated with cryptocurrencies and the prospects for blockchain technology.
It comes as Innovate Finance and the City of London Corporation today launches a Fintech Strategy Group (FSG) to bring together industry leaders, institutional and banking partners and regulators with an aim to drive innovation and maintain the UK's dominance in the sector.
The group will be chaired by Iain Anderson, executive chairman of Cicero Group.
"This new group will look to shape future fintech developments so the sector can continue to grow, while also addressing the vital need for skills and greater social inclusion," Anderson said.
Read more: Tandem Bank buys fintech app Pariti
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