The end of May will mark the beginning of a new chapter in Australia-UK collaboration, as the first-ever Australian free trade agreement with a dedicated innovation focus comes into effect.
While attending the Coronation in the UK, Prime Minister Anthony Albanese announced May 31 as the commencement date for the Australia-UK Free Trade Agreement (A-UKFTA), which had already been given Royal Assent in March and approved in Australia last November.
Verify 365 played a significant role in paving the way for this groundbreaking agreement during its participation in last month’s UK Trade Visit.
Innovation is defined within the FTA as “the development or implementation of a new or improved product, process, or organisational method, or combination thereof”.
As financial institutions and businesses around the world strive to meet increasingly stringent Anti-Money Laundering (AML) compliance requirements, the need for innovative and secure client onboarding solutions has never been greater. Verify 365’s state-of-the-art platform, featuring MYID, an interoperable digital ID, addresses this need by offering a streamlined and secure way to onboard clients while adhering to AML regulations.
Verify 365 was one of eight companies selected as delegates to participate in the UK Trade Visit, showcasing the importance of digital identity and client onboarding solutions in forging global partnerships.
As a key player in the innovative collaboration between Australia and the UK, Verify 365 exhibited their solutions at the Legal Innovation & Tech Fest, which took place on 1st and 2nd May 2023 in Sydney. The event, in line with the UK-Australia Free Trade Agreement’s focus on innovation, gathered legal professionals and experts to explore market opportunities in legal technology.
Rudi Kesic, CEO of Verify 365, highlighted the importance of the provisions in the agreement for fostering movement of ideas and innovation in the lawtech space, emphasising the positive impact of digital trade initiatives and electronic contracting within the legal sector.
“Our participation in the UK Trade Visit as a delegate highlights the crucial role of digital identity solutions like MYID in forging strong international partnerships”. Commenting on the recent trade show and its impact on the A-UKFTA, Rudi added: “This innovative agreement will unlock new opportunities for companies like Verify 365 to collaborate with Australian counterparts, driving growth and progress in the digital identity sector.”
The agreement features a chapter specifically addressing digital trade, with both nations agreeing to undertake collaborative efforts such as a Strategic Innovation Dialogue and the Innovation and Early Career Skills Exchange Pilot (IECSEP) visa program.
The IECSEP program will offer 3,000 visas over two years for UK citizens to work in Australia, with the Innovation stream allowing highly skilled and experienced professionals in fields like renewable energy, artificial intelligence, MedTech, FinTech, AgriTech, and research and development to work for up to three years.
The agreement highlights the importance of AI, digital, and other emerging technologies in strengthening the partnership between the two nations.
As part of the agreement, Australia and the UK will work towards the compatibility of digital identity regimes, developing “appropriate frameworks and common standards to foster technical interoperability between each Party’s implementation of digital identities” and “implementing use cases for the mutual recognition of digital identities.” This aspect of the agreement aligns with Verify 365’s focus on digital identity solutions, such as its MYID technology.
The Strategic Innovation Dialogue, as part of the agreement, will involve meetings between the two countries at least once every two years, starting in May 2024.
These discussions will focus on sharing research, industry practices, and governance, while also promoting commercialisation and regulatory development.