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Joint Statement on the U.S.-UK Financial Innovation Partnership Meeting

Joint Statement on the U.S.-UK Financial Innovation Partnership Meeting
June 24, 2021

WASHINGTON – U.S. and UK participants in the U.S.-UK Financial Innovation Partnership (FIP) met virtually on June 23 and June 24, 2021 for a regulatory and commercial pillar meeting, to exchange views on topics of mutual interest in the U.S. and UK FinTech ecosystems and deepen ties between U.S. and UK financial authorities.

The U.S. Department of the Treasury hosted the Regulatory Pillar of the FIP with Her Majesty’s Treasury (HMT) on June 23, 2021. U.S. participants included staff from independent regulatory agencies, including: the Board of Governors of the Federal Reserve System, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Securities and Exchange Commission, and Office of the Comptroller of the Currency. UK participants included representatives from the Bank of England and the Financial Conduct Authority. Participants exchanged views on the regulatory approaches to cryptoassets and stablecoins, digital payments developments, and regulatory and supervisory technology such as Digital ID. Both sides provided updates on their approaches to central bank digital currencies, including the Bank of England’s recent publication titled “New forms of digital money,” and discussed the ongoing work at the G7 on the topic. In addition, the UK and U.S. discussed the testing of innovative financial services including, for the UK, the Financial Conduct Authority’s TechSprint, Sandbox, and Green Fintech Challenge initiatives, and for the U.S., the priorities of the Securities Exchange Commissions’ FinHub and the Office of the Comptroller of the Currency’s Office of Innovation. Participants intend to continue to engage on these topics, as well as other financial innovation topics of mutual interest, in support of the next U.S.-UK Financial Regulatory Working Group meeting, due to be held in the fall of this year.

The Commercial Pillar, led by the International Trade Administration, a bureau of the U.S. Department of Commerce, and the UK Department for International Trade, met on June 24, 2021. The program was a collaborative effort bringing together stakeholders on both sides of the Atlantic to demonstrate commercial opportunities for fintech companies. Topics included a moderated discussion on the future of transatlantic fintech regulatory collaboration, and a discussion on the future of fintech innovation in both markets, among others. The exchanges intend to deepen fintech trade and investment ties and understanding between the U.S. and UK.

Participants recognized the continued importance of the ongoing partnership on global financial innovation as an integral component of U.S.-UK financial services cooperation. The FIP was inaugurated in 2019 at the Financial Regulatory Working Group as a means of boosting U.S.-UK engagement in financial innovation issues. The first meeting of the FIP took place in August 2020.

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