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April 12, 2016updated 05 Sep 2016 11:28am

Government gives boost to UK’s world-leading fintech industry

News: UK FinTech sector generated £6.6bn revenue in 2015.

By CBR Staff Writer

The UK Government has announced three new initiatives to further boost the UK’s FinTech sector, with the aim of securing the counrty as the world’s FinTech capital.

Among the initiatives announced by the Economic Secretary to the Treasury, Harriett Baldwin, at the 2016 Innovate Finance Global Summit, was the setting up of a FinTech panel and delivery support function which will set an overarching FinTech strategy for the UK and monitor and drive forward FinTech initiatives.

Baldwin also announced the creation of a a professional services information hub for FinTechs, making it easier for them to source legal and accountancy services, and access practical and cost-effective basic services.

The third initiative announced by the Economic Secretary to the Treasury was the establishment of ‘FinTech Bridges’ with priority global markets, which will be set up alongside UK Trade and Investment. This initiative aims to help UK FinTechs expand internationally.

UK Economic Secretary Harriett Baldwin said: "The government wants to ensure that the UK continues to be the best place in the world to be a FinTech company.

"The measures announced today show that we are not resting on our laurels and are committed to initiatives which will make our FinTech sector even stronger."

According to a report by EY released earlier this year, the UK was named the top place for a FinTech company to flourish, beating other hotspots like California, New York and Singapore.

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According to the report, the FinTech sector in the country generated £6.6bn revenue in 2015 and employed more than 60,000 people.

In 2015, the UK FinTech sector attracted £524m in investment and stood second only to California in terms of employment which had a workforce of 74,000.

EY partner and FinTech lead Imran Gulamhuseinwala said: "Today’s announcement from the Treasury is an important show of support by the Government for the UK FinTech industry.

"The initial three recommendations that are being adopted will help secure and boost the UK’s market leading position as the global centre of the hugely dynamic FinTech market."

The UK government has already appointed Eileen Burbidge as special envoy for FinTech to promote the UK FinTech sector at home and abroad.

The special envoy is also responsible for providing support to the regulators in creating a regulatory system which is known for its transparency and industry-led approach. This is in addition to working with industry to develop an open banking standard, which will allow FinTechs to use bank data to provide a range of value-added services to consumers.

The Government has also promised that it will work with TechCityUK and other members of the industry to ensure that these new initiatives are tailored to create maximum value for the FinTech sector.

In the future, the government is planning to announce more policies favourable to FinTech sector.

Baldwin said: "This is a very strong start – but our ambitions are even greater. We need to ensure that the UK continues to be the best place in the world to be a FinTech company.

"First, to ensure that we effectively deliver on our FinTech commitments, we will create an industry-led FinTech panel, working with Tech City UK as well as Innovate Finance and other key representatives of the FinTech community."

 

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