The “bridge”, which aims to support international expansion of UK and South Korean fintech firms, is the second one established by the UK this summer.

The UK's Financial Conduct Authority and the Korean Financial Services Commission have signed a co-operation agreement to help financial technology firms and investors in the two countries better access each other's markets.

As part of the agreement, the regulators will share information about financial services innovation in their respective markets, including emerging trends and regulatory issues, with the goal of making it easier for fintech firms in the UK and Republic of Korea (South Korea) to scale up internationally.

In May, the UK signed a similar agreement for its first ever “fintech bridge” with Singapore. Last year, the UK's fintech sector employed over 60,000 people and generated £6.6 billion ($8.7 billion) in revenue.

“The UK attracts innovators from around the world and as a result we need to continue our support in this fast moving sector. These co-operation agreements are absolutely vital in fostering an environment of fintech innovation on a global scale. We look forward to working closely with the FSC on our efforts to promote innovation in our respective markets,” Andrew Bailey, chief executive of the FCA, said in a statement.

“Although Korea is a relative newcomer to fintech, we have been focusing on developing a regulatory environment that supports rapid growth of the sector. 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,” added Yim Jong-yong, chairman of the FSC.