The move is expected to strengthen the British fintech sector, which is expected to face tougher competition from Europe after its impending exit from the European Union.
The FinTech Alliance will combine the strengths of the UK’s FinTech ecosystem into one online destination.
A total of 20 companies have been selected by industry experts to take part in this year’s fintech bridge pilot programmes, which have been equally divided to visit Australia and Hong Kong.
The EPA study says that there is a need for innovation from FinTechs as banks delay implementation of Open Banking.
The programme is aimed at uniting the global FinTech ecosystems and promoting transatlantic innovation.
Treasury raises concerns over crypto-currencies as an inquiry is scheduled to evaluate the positives and negatives.
A significant part of the investment was from venture capital firms outside the UK.