The UK Department for International Trade (DIT) has launched its ‘Tech for Growth’ Programme. The programme will enhance the role of technology in increasing access to financial services and trade opportunities between the UK and emerging economies. The first phase will be piloted across Africa, then globally across South East Asia and Latin America.
DIT aims to provide networking, partnerships and in-country capacity building in these regions. It will research market barriers that are limiting the role of technology in delivering trade and sustainable development goals. During the pilot phase in Africa, ‘Tech for Growth’ will:
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- Establish a UK-Africa ‘Tech for Growth’ community to expand access to financial services for underserved communities. It will include events across the UK and Africa to promote partnerships between British and African technology and financial services companies.
- Empower UK-Africa FinTech trade: Highlight commercial opportunities, leverage research, and address barriers that currently inhibit successful scaling of the FinTech sector.
- Support the growth of future tech markets: Collaborate with African governments and regulators to grow their tech sector, and develop future trading partnerships with the UK.
According to Gerry Grimstone, UK Minister for Investment, diversifying and increasing trade and investment with tech is crucial for economic recovery from coronavirus. “This programme will further deepen our trade relationships with some of the most exciting emerging markets around the world, and lead to solutions that address one of the most prominent global challenges in today’s world, financial inclusion,” he added.
‘Tech for Growth’ will help strengthen the partnership between Africa and the UK, as well as drive financial inclusion through technology.
