UK govt launches review to boost FinTech sector
By Sunniva Kolostyak
The government in the UK has launched an independent review of the FinTech sector in the country, to identify priority areas to support in order to ensure its success.
The FinTech Strategy Review will be looking at the UK’s FinTech sector, which is estimated to be worth around £7 billion, employing around 60,000 people.
Led by Ron Kalifa, the former CEO of Worldpay, it will establish priorities for industry, policymakers and regulators to ensure UK FinTech has the resources to ‘grow and succeed, that conditions are right for the widespread adoption of financial technology, and that the UK’s global reputation for innovation is maintained and advanced’.
The review aims to provide recommendations on five workstreams at the start of next year: skills and talent, investment, national connectivity, policy, and international attractiveness.
Commenting on the announcement, the Economic Secretary to the Treasury & City Minister John Glen said the sector will be vital in ensuring that the country is able to bounce back post-Coronavirus while remaining at the forefront of innovation following Brexit.
“The UK is one of the leading places in the world to start and grow a FinTech firm, and I am determined to ensure this continues,” he said. “This independent review will help us to uphold and enhance our global reputation, support growing firms, and promote the integration of new technologies across financial services to the benefit of businesses and their customers.”
Ron Kalifa explained that tech-based solutions in financial services have experienced wide-scale adoption in the UK, fuelled by a favourable start-up environment.
He said: “This Review will ascertain what is required to accelerate this change, to create a financial services ecosystem that is above all, sustainable, inclusive and world-leading.
“Technology has a vital role to play in the UK’s Covid-19 economic recovery. The fintech review will ensure that we can leverage this innovative technology to help consumers and businesses, through a joined-up strategy that combines investment, skills and policy to deliver it.”
The UK FinTech sector attracted £4.1 billion in venture capital in 2019, and the market has been estimated to have grown by nearly 70 per cent since 2015.
Also commenting on the review, Saka Nuru, Head of Product Marketing for FinTech Ecosystems and Payments at Intuit Quickbooks, added: “The UK’s FinTech space has acquired global recognition over the last decade, with the sector worth around £7 billion and positively contributing to the economy. Therefore, despite the inevitable industry ‘dip’, due to Covid-19, it is vital that this sector bounces back post-Coronavirus, and maintains our position for one of the top nations for financial innovation in the world.”
“This new independent review is promising, and will certainly aid UK FinTech’s revival: helping to support current firms, and promote the development of new cutting edge technology, which will only further benefit other businesses and their customers in the long run.
“In the future, we should hope to see this type of continued support from the government in order to help the FinTech industry remain on track as we come out of lockdown and move past Covid-19.”
Freddy Kelly, CEO and Co-Founder of Credit Kudos, said: “UK FinTechs have been booming in recent years and we’ve seen a range of new, agile companies launching to challenge traditional financial services. Now, with people increasingly doing things digitally during lockdown, the demand for FinTech solutions is only going to grow.
He added: “However this sector is not just important to ensure individuals and businesses have access to better financial products, but – given its growth – it’s also vital to the strength of the UK economy. This review is therefore very welcome and underscores the government’s commitment to helping innovative companies continue to succeed and disrupt traditional financial markets.”
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