Philip Hammond will be making the announcement as he visits up and coming financial centres across the UK.
The Chancellor to the Exchequer is expected to appoint two new regional fintech envoys today, as he confirms the UK’s mission to remain a world leader in financial services after Brexit.
Philip Hammond (pictured, centre) is to make the announcement as he pays a visit to financial centres in Yorkshire and Edinburgh, and meets with representatives from financial, professional services and asset management firms to discuss how financial services can fuel growth in the economic regions.
Hammond is also meeting with Nucleus Financial, one of Scotland’s largest fintech firms and home to Scottish fintech envoy David Ferguson, as he intends to build on the success of the UK’s existing regional fintech envoys by appointing new representatives in Wales and Northern Ireland.
The new envoy for Wales will be co-founder and CEO of robo advisory firm Wealthify, Richard Theo, while the envoy for Northern Ireland will be Georgina O’Leary, director of research, innovation and development at Allstate Northern Ireland.
“Fintech is the future of financial services, and the UK leads the world in harnessing its power,” said Hammond. “Our two new regional fintech envoys for Wales and Northern Ireland will help the sector to grow and flourish across the UK, bringing its benefits to every region.
“I’d like to congratulate Richard Theo, and Georgina O’Leary on their new roles. I am certain they will build on the success of the existing envoys in helping the UK to remain at the cutting edge of the digital revolution as we create an economy fit for the future.”
Theo added: "It’s a huge honour to be appointed as the Government’s fintech envoy for Wales and to have a chance to help support the growth of fintech in our region.
"Wales already enjoys considerable fintech success and is well placed to become a leading fintech centre. It is a fantastic place to do business, benefitting from a strong work ethic and entrepreneurial culture, low operating costs, excellent connectivity and a great lifestyle. It is already home to a wide range of accelerators and incubators, and a phenomenal network of tech, fintech and financial services businesses."