Britain and South Korea have formed a fintech bridge to help financial technology firms and investors in two countries to access each others' markets.

The launch of the bridge included the signing of a co-operation agreement between the UK’s Financial Conduct Authority (FCA) and the Korean Financial Services Commission (FSC).

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The agreement will allow the financial watchdogs to exchange data on financial innovations in their respective markets such as emerging trends and regulatory issues.

The new fintech bridge will lower the barriers to entry in a new jurisdiction and boost financial innovation in both countries by strengthening links between the regulators and governments, a Treasury statement said.

FSC chairman Yim Jong-yong said: “The Fintech bridge with the UK, which is a pioneer of the industry, will enable Korea to more easily identify and adopt regulatory best practice. It is another step in strengthening the strong financial relationship between Korea and the UK.”

UK is already a global leader in the fintech sector, which has employed over 60,000 people and generated £6.6bn in revenue in the UK last year.

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UK chancellor of the exchequer Philip Hammond said: “The newly established FinTech bridge between the UK and the Republic of Korea is an important step for one of this country’s most exciting industries.

“The government is determined to help the UK FinTech sector to innovate and grow and to ensure that Britain remains the location of choice for FinTech start-ups.”

In May 2016, UK formed the first ever fintech bridge with Singapore.