UK Promotes Bitcoin In Southeast Asia

Last week, 31 executives together with British Prime Minister David Cameron made their way across Southeast Asia in order to promote the UK's blossoming fintech sector. Cameron has praised the sector's ongoing innovation and UK officials have been working together with industry leaders to create an environment in which the business can grow. So far, fintech is responsible for 135,000 jobs in the UK and generates some $20 billion in revenue each year. Trade Mission The group made its way through Malaysia, Vietnam, Singapore and Indonesia were they spoke about ways businesses in the UK and Asia could work more closely together and discussed potential investment deals. Cameron spoke favorably of the UK's position in the fintech space and encouraged Asian business leaders to consider investing in the growing industry. Focus On Fintech The UK is working to position itself as a global leader in the fintech space. The UK's trade body Innovate Finance released a manifesto entitled "UK 2020" that calls for increased investment in the industry, which it says will put the UK at the top of the global finch market. Innovate Finance sees the UK as home to 25 of the world's top fintech firms by 2020 due to the region's progressive policies and regulations regarding financial technology. Economic Growth One of the major reasons UK policymakers have been focused on encouraging growth in financial technology is their belief that digital currencies will help stimulate the economy. By regulating exchanges and offering consumer protection standards, lawmakers hope to make cryptocurrencies safer and easier for the general public to use, thus increasing participation in the sector.