Liam Fox Tells UK Fintech Faithful: Today’s Financial Revolutionaries will be Tomorrow’s Financial Establishment

Affirming the future of Fintech, Rt. Honorable Liam Fox, MP, Secretary of State for International Trade, delivered a closing speech to the inaugural International FinTech Conference organized by DIT and HMT. Fox stated;

“Never before have prospects been so great. Never before has investment in the industry been so attractive. In a world of rapid change, before we all know it, today’s innovators will be tomorrow’s mainstream.”

Fox was simply echoing what most all observers know is true. Finance is undergoing a digital revolution and these “revolutionaries will be tomorrow’s establishment.”

Speaking on behalf of the global Fintech industry but clearly with thoughts of Brexit sprinkled in the prose, Fox’s delivery recognized and embraced the importance of Fintech to the future of the UK economy. Fox was preaching to the choir stating;

“… it is vital that it [Fintech] enjoys the full practical support of the UK government, if we are to capitalise on the opportunities of the future and retain our global pre-eminence.”

Checking off a list of successes, Fox shared;

  • [In 2006], over $9.5 billion of private equity and venture capital was invested into UK tech firms, and corporate investment activity rose by 35%, far outpacing Europe and the USA.
  • The UK’s financial services industry employs over 1.2 million people in every corner of our country.
  • 61,000 people are employed in Fintech, an industry that generates over £6.6 billion in revenue every year

Fox believes there is no other country better suited for Fintech than the UK. The combination of a culture of entrepreneurship, an established global financial services market and the “best regulatory and policy environment” drives the UK’s preeminent position. Yes, Singapore wants to surpass Great Britain and the US will always have Silicon Valley, but the UK has a government that is “committed to maintaining this environment, supporting new businesses and facilitating global market access for British companies.”

“These factors combine to make the UK the natural home for financial technology.”

 

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