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Taipei, Sept. 25 (CNA) Taiwan and the United Kingdom signed a memorandum of understanding (MOU) Tuesday on cooperation in the development of financial technology and innovation.

The agreement was signed by Taiwan Financial Services Roundtable Chairman Hsu Jan-yau (許璋瑤) and Catherine Nettleton, the representative of the British Office Taipei, witnessed by George Hollingbery, the U.K. minister for trade policy at the Department for International Trade, who is visiting Taiwan.

Hollingbery said that while trying to boost trade and investment between the U.K. and Taiwan, his government sees the financial service sector as a promising area.

Under the terms of the MOU, the two sides agree to strengthen the provision of necessary information and assistance to financial technology (FinTech) companies from the two countries that plan to enter the market on the other side, and to promote links and cooperation in the FinTech area.

As part of efforts to reinforce bilateral exchanges on financial technology and innovation, the two sides agree to take various measures, including that British FinTech companies with the British Office Taipei's recommendation will enjoy free market guidance at the FinTech Space in Taipei, Taiwan's first-ever co-working space for financial technology businesses, during their market evaluation.

Once they establish a base at the FinTech innovation park, the British companies will be entitled to the same subsidies as local start-ups, according to the MOU.

According to the Taiwan Financial Services Roundtable, a cross-industry financial service association, local financial businesses are expected to inject funds of up to NT$13.8 billion (US$449.6 million) in FinTech development this year, representing a 25.9 percent growth year-on-year.

Earlier Tuesday, President Tsai Ing-wen (蔡英文) received Hollingbery at the Presidential Office, during which she described the U.K. as Taiwan's biggest investment destination in Europe and an important long-term trade partner.

Tsai expressed hope for closer interaction and exchanges between the two countries on various issues such as green energy, the decommissioning of nuclear power plants, FinTech innovation and smart cities, while encouraged more visits by high-ranking officials, which she said will help multi-dimensional and deep cooperation between Taiwan and the U.K.

(By Tien Yu-pin, Lu Hsin-hui and Elizabeth Hsu)
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