The UK International Trade Department (DIT) has launched its ‘Tech for Development’ plan. The initiative would strengthen technology’s role in improving UK-Emerging Economies access to financial services and trade opportunities. The first step will be piloted through Africa, and then across South East Asia and Latin America globally.
DIT aims to provide networking, collaborations and building capacity in those regions within the world. It will study market barriers that restrict the technology ‘s position in achieving goals for trade and sustainable development. During Africa’s pilot process ‘Tech for Development’ will:
- Establish a UK-Africa ‘Tech for Development’ network to increase access to underserved populations to financial services. These will include UK-wide and African activities to foster collaborations between British and African technology and financial services firms.
- Highlight market opportunities, exploit science, and address obstacles that currently hinder effective scaling of the FinTech field.
- Support potential tech markets growth: Work with African governments and regulators to expand their tech sector and establish future trade partnerships with the United Kingdom.
According to UK investment minister Gerry Grimstone, diversifying and growing digital trade and investment is key to the economic recovery from coronavirus. “This initiative will further strengthen our trade ties with some of the world’s most exciting emerging markets, and lead to solutions that tackle one of today’s world’s most important global problems , financial inclusion,” he said.
‘Tech for Growth’ will help to improve the African-UK relationship as well as accelerate financial inclusion through technology.