Tech City UK is to deliver on the Treasury’s fintech proposals made in the Autumn Statement.
The organisation, which has the goal of accelerate the growth of London and the UK’s digital economy, will deliver a Fintech Delivery Panel for industry initiatives and a Fintech Professional Services Hub.
The idea behind these initiatives is to help businesses to source the professional services that they require, to lower the barrier to entry in the market and to increase competition.
The Fintech Delivery Panel aims to focus on fintech specific policy recommendations, particularly those that need to be led by industry.
Tech City UK’s intention is to create a broad fintech community that will contribute ideas and suggestions through the panel.
The group said that the panel will:
- Identifies the key collaborative initiatives that are currently in the pipeline for UK FinTech
- Sets out a timeline for industry to deliver progress on these initiatives, including key industry milestones and deliverables
- Supports the community in the delivery of these initiatives.
Eileen Burbidge will take on the role of Chair of the panel, adding to her roles as HM
Treasury Special Envoy for Fintech and Chair of Tech City UK.
Burbidge, Chair of Tech City UK, said: “Along with the announcements of new regional FinTech envoys to be appointed and funding for DIT FinTech experts from the Autumn Statement, it’s brilliant to see that HM Treasury and HM Government more broadly are continuing to support the fast-growing FinTech sector.”
“I look forward to convening the new FinTech Delivery Panel in order to progress specific initiatives, and also that there will be a FinTech services hub to inform younger FinTech startups about relevant professional advisors. All of these new measures will undoubtedly add to the likelihood of the UK maintaining its position as the FinTech capital of the world.”
Tech City UK that it is “committed to an initial discovery phase for a Fintech Professional Services Hub” but said that the timings and shape of the hub will be announced once the discovery phase is complete.