The Financial Conduct Authority (FCA) and the Bank of England will begin the process of automating regulatory compliance, chancellor Philip Hammond has announced.
Speaking at the International FinTech Conference, Hammond announced the government's new approach to financial technology businesses.
The work set to be undertaken by the FCA and Bank of England, he said, is aimed at 'reducing costs for financial services firms, and removing a key barrier for fintechs as they enter financial services markets'.
He added: 'A new code of industry standards will make it easier and cheaper for fintechs to partner with established financial service providers, both boosting the ability of banks to offer new services, and helping fintechs to find a ready market for their products.'
The Treasury is appointing new envoys in England, Wales and Northern Ireland to promote fintech adoption by regional banks and building societies.
Hammond also announced that the Treasury had signed an agreement with its Australian counterparts for a new 'FinTech Bridge' between the UK and Australia.
This would be the fifth partnership of its kind, following deals with Singapore, China, South Korea and Hong Kong.