UK government launches fintech initiative to attract investment

The UK tries to lure in more fintech investments through a new initiative that aims to bring industry experts, academics and businesses together.

International trade secretary Dr Liam Fox launched the fintech investment drive on Friday during London Tech Week and vowed that his department will put “technology and innovation at the heart of UK’s global growth”.

The announcement did not include information about any new government funding for the sector. The international trade department promised to “prioritise investment into fintech”. It is also setting up a UK fintech steering board to lead the initiative and connect companies with global investors.

“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 £1.8 billion worth of investment in 2017 – a 153 per cent increase on the previous year,” Fox said in a statement.

The new fintech board will be chaired by the City of London’s Lord Mayor, Charles Bowman. Firms including Zopa,Neyber, EY, Innovate Finance and Santander will sit on the board alongside representatives from the government, regulators and academics of MIT and Oxford University.

Bowman said in a statement that he is “hugely passionate” about fintech. The UK is home to 1,600 fintech companies, and the City of London alone has more than 50,000 fintech related jobs.

 “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 said.

The board will convene four times a year the first meeting taking place during the ongoing London Tech Week.