Fintech is gaining another boost today as the UK International Trade Secretary Dr. Liam Fox, MP, has launched a new Fintech investment drive.
The UK is a leading Fintech hub. The fact the UK government has been very supportive of Fintech innovation is one of the key variables in the sectors prominence and success. In 2017, UK Fintech attracted £1.8 billion of investment. This was an increase of 153% versus the year prior. The UK is home to around 1,600 Fintechs with more than 50,000 related jobs in the Square Mile alone.
As the UK works through the Brexit challenge the UK government has been working diligently to mitigate the economic fallout.
The Board will convene four times a year with the first meeting taking place this week.
“DIT is putting technology and innovation at the heart of the UK’s global growth. 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.”
Fox said that DIT is putting tech and innovation at the heart of the UK’s global growth. Fintech is playing an increasingly important role within finance – a vital part of industry – and thus the focus.
DIT has created a Fintech steering board that combines industry participants, academics along with government officials. The group is chaired by the City of London’s Lord Mayor, Charles Bowman. Firms like Zopa, Neyber, EY, Innovate Finance and Santander will sit alongside government, regulators and academics from several universities. The board will seek to connect UK Fintech firms with global investors.
The announcement comes during London Tech Week, and follows the Prime Minister’s announcement that more than 1,600 new jobs will be created and £2.3 billion of private investment into the technology sector has been secured.
Lord Mayor Charles Bowman said that Fintech is something he is “hugely passionate about.”
“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.”
The Fintech steering board comprises of the following members:
- Omar Ali: UK Financial Services Leader, EY
- Giles Andrews: Co-founder and Chairman, Zopa
- David Bartlett: Head of Financial and Professional Services Team, DIT
- Charlotte Crosswell: CEO, Innovate Finance
- Anna Wallace: Innovate Head of Department, FCA
- Stephen Ingledew: Chief Executive, Fintech Scotland
- Monica Kalia: Founder, Chief Strategy and Business Development Officer, Neyber
- Alastair Lukies: Founding Partner, Motive Partners
- Dan Morgan: Fintech Sector Specialist, DIT
- Sigridur Sigurdardottir: Chief Customer and Innovation Officer, Santander
- David L. Shrier: Associate Fellow, MIT and Oxford
- Paul Stoddart: CEO Vocalink
- Phil Vidler: Head of Global Markets, HM Treasury
- Tomas Helm: Fintech Lead, DIT