David Duffy, FinTech envoy for the government and a judge for the Tech Nation FinTech programme, shares his thoughts on some of the challenges facing FinTech in the UK.
The UK is a great place for FinTechs, but we shouldn’t be complacent. London is the FinTech capital of the world, a legacy of its position as Europe’s most developed financial services market and the second biggest capital market in the world.
The sector in question is worth more than £6.1bn and employs 61,000 people – that’s as many as New York does and the same as Singapore, Hong Kong and Australia combined. Meanwhile, some of the UK’s fastest growing unicorns – those startups worth at least $1bn – are in the FinTech sector, including Transferwise and Revolut....