London hosted the 10th Economic and Financial Dialogue between China and the UK this week to discuss global collaboration, supporting a multilateral trade system with a strong fintech focus.
Chinese Vice Premier Hu Chunhua and British Chancellor of the Exchequer Philip Hammond co-chaired with discussions and attended the launch ceremony of the Shanghai-London Stock Connect signifying China’s further capital market opening, under which Shanghai-listed companies can list on the London Stock Exchange, while British companies can list on the Shanghai Stock Exchange.
Other announcements included:
- A new UK-China fund, targeting £1 billion, delivered in partnership by Charterhouse, CIC and HSBC to invest in UK SMEs with growth plans linked to China
- The first green loan facility from a Chinese bank – Industrial and Commercial Bank of China – to be managed from London by BNP Paribas and HSBC, worth up to $400 million
- A new digital payments platform, worth £100 million, to be developed by Multipass and UnionPay International to expand the acceptance of China’s UnionPay branded cards outside mainland China
As part of the three FSS Fintech Roundtables we discussed collaboration opportunities across WealthTech, RegTech, Innovation Architecture and Financial Inclusion.
Susanne Chishti, CEO of FINTECH Circle commented on the wealth management panel that ‘although Innovation at wealth managers and private banks is slower than in retail banking, almost the complete value chain in wealth management can be reinvented with enhanced customer experience, empowered by the latest technologies. Many areas are disrupted by Fintech, which means there are plenty of innovation and collaboration opportunities.’
In addition, the FCA, Department of International Trade, Refinitiv, KPMG, CICC, Ant Financial etc all commented on what achievements have been done or will be rolled out in terms of their global Fintech strategy to further enhance the Fintech Bridge between China and the UK.
Susanne Chishti and James Harwood-Bridgen (HSBC Asset Management) with the The WealthTECH Book now being translated into Mandarin together with The InsurTECH Book. The Chinese book launch events will take place in Nov 2019
The 10th Economic and Financial Dialogue was a huge success and from a finance and fintech point of view strengthened the relationships between key stakeholders in both countries to work even closer together going forward.
For a comprehensive overview of the UK-China Fintech Bridge please download our journal here