Fintech Nation: Innovate Finance Publishes Compendium of Essays by UK Fintech Leaders

Innovate Finance, an association that represents the UK’s global Fintech community, has recently published a collection of article discussing the growing sector of innovative finance. Said to be an inaugural publication, the document includes submissions from a selection of “influencers” and “innovators.” The collection is designed to “provide greater colour to the current landscape of UK Fintech.”

The first three essays are from MPs. John Glen, Economic Secretary to the Treasury, Jonathan Reynolds, Shadow City Minister, and Adam Afryie, All Party Parliamentary Group for Fintech. Each of these elected officials share their perspective on the benefits of Fintech – a sector of finance that is strategically important for the UK economy.

Glen says the UK Government is determined to support innovations in finance but they are asking for something in return;

“We want Fintechs to take up the challenge of realising the enormous potential they have to support individuals, businesses and the community. We want them to address the needs of the vulnerable and excluded, and to enable consumers to include ethical considerations in their saving and investment strategies. In doing so they will play a signi cant role in creating the kind of society the government wants to see in the UK.”

Reynolds sees financial inclusion as the ultimate goal;

“One of the huge opportunities we have today is that evolving technology offers us novel ways to address historic issues of financial exclusion. This is a problem that needs urgent attention. I find it extraordinary that we play host to one of the world’s leading global financial services hubs, yet an astonishing 1.5m adults in this country are unbanked.”

Afriyie sees a bright outlook for UK Fintech in a post-Brexit world;

“I remain confident that the values behind Fintech (of competition, social inclusion and innovation) will not only keep us prosperous but will deliver a post-Brexit Britain that is profoundly outward-looking and pro-enterprise. Retaining and increasing access to talent The UK is a magnet for skilled immigration and this is particularly true of UK Fintech, which thrives with an international workforce.”

As for the roster of the innovators, most of the authors are high profile entrepreneurial names. Platforms like RateSetter, StarlingBank, SyndicateRoom and more are represented.

The UK has engendered a world leading ecosystem of financial innovation. The evolving marketplace will change and adapt over time. But as long as both private and public sectors align on its importance, the UK stands a good chance to continue its leadership position.

See the Fintech Nation 2018 embedded below.



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