The UK’s Secretary of State for International Trade, Dr Liam Fox, has launched a new FinTech investment drive to attract more funding into the sector.
As the name suggests, the drive will prioritise investment into FinTech. It will also be used to set up a UK FinTech steering board and to help connect academics, industry experts and businesses to fuel funding deals.
Fox said: “The UK is a world leader in the FinTech sector, thanks to our highly-skilled and creative workforce, fair regulatory system and ease of doing business.
“The sector has already attracted £1.8bn worth of investment in 2017 – a 153% increase on the previous year and as an international economic department, DIT is putting technology and innovation at the heart of the UK’s global growth,” he added.
This news comes shortly after the government announced that the UK’s tech scene is attracting multi-billion dollar investment. Coming from private investors and the government, Theresa May quoted a £2.3bn investment for the UK tech economy. This will help create hundreds of new jobs.
FinTech is an industry that is continually growing in importance, and a 2016 EDF report found that the UK is the leading FinTech centre of the world. This is due to the policy environment in this country; it has the most supportive regulatory regime, and progressive regulation coming from the Financial Conduct Authority (FCA).
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Charles Bowman, Lord Mayor of the City of London and chair of DIT’s FinTech board, added: “FinTech is something that I am hugely passionate about, with the UK home to around 1,600 FinTech companies, and more than 50,000 related jobs in the Square Mile alone.
“I look forward to exploring how we can further develop our world-leading FinTech offer and to helping shape the UK’s future FinTech trade and investment strategy,” he added.
Financial services and technology are two of the UK’s leading industries, with FinTech playing an increasingly important role in tasks ranging from complex financial transactions to helping consumers give money to charity more easily.
The DIT’s steering board will be chaired by the City of London’s Lord Mayor, Charles Bowman, and firms including Zopa, Neyber, EY, Innovate Finance and Santander will sit alongside government, regulators and academics from MIT and Oxford University.