A London-based blockchain consumer e-commerce payments and ID platform, Nuggets, has won places on two recent major trade visits to China as part of a possible emerging “Golden era” in UK-China relations – as well as showing the potential of a “fintech bridge” agreed between the two countries.
The company stores personal and payment data securely in the blockchain so users can make simple e-commerce payments and other transactions, without having to share their personal data.
The Department for International Trade (DIT) has offered to support the company’s business development across China and use its contacts to make introductions to potential clients, as well as relevant Chinese industry bodies and regulators, plus has stated it will support the British fintech SME’s marketing with speaking opportunities at various British government events in China and perhaps Nuggets to establish an onshore presence in China.
Meanwhile, Mayor of London Sadiq Khan has chosen Nuggets to take part in his International Business Programme, a scheme focused on internationalising London-based scale-up businesses and means the company will be part of official trade visits to China this year.
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“We’re pleased to support the UK’s burgeoning fintech scene and the ambitions of firms here wanting to expand overseas. The UK is a world leader in fintech and by some estimates home to around 1,600 fintech companies,” noted Sherry Madera, the City of London Corporation’s Special Adviser for Asia.
“To receive the support of these three highly respected international business bodies is fantastic news and testament to the rapid progress Nuggets is making in harnessing blockchain technology to enable individuals to own and control their personal data while making e-commerce payments,” said Nugget’s CEO and Founder Alastair Johnson.
“The technology we are building has huge implications for e-commerce markets around the world. It’s great to see the UK and London supporting innovative technology companies in this way,” he added.
Johnson and his team also recently participated in the launch of the Foreign & Commonwealth Office’s Regulatory Sandbox for FinTech: UK-China Collaboration to Promote Financial Innovation, while has also received support from the FCA, which selected the startup for its Project Innovate.