handshaking and exchanging contract documents

A pair of financial sector trade groups have announced they’ve renewed a deal that aims to encourage cross-border cooperation between Canada and the U.K.

Toronto Finance International (TFI) is a public-private partnership between Canadian financial services institutions and government, and TheCityUK is a private-sector body representing U.K-based financial services. They’ve renewed their memorandum of understanding designed to enable the pursuit of joint ventures and enhance cross-border collaboration in their respective financial sectors.

The groups say the agreement aims to deepen cooperation on key issues for both organizations, including digitization, fintech growth and the future skills and access to talent needed to support these global trends.

Jennifer Reynolds, president and CEO of TFI, said the U.K. remains an important partner for Canada’s financial sector.

“Combining our mutual expertise and insights will help to increase our international influence and identify new opportunities for our members,” Reynolds said. “As the industry continues to evolve, areas like fintech and sustainable finance initiatives present exciting areas for greater international cooperation.”

Miles Celic, CEO of TheCityUK, said the U.K.’s continued competitiveness in global finance requires forging global relationships. Renewing the memorandum will “help us to encourage greater innovation and ensure ongoing cooperation between the U.K. and Canada.”