By Oliver Smith on Tuesday 30 April 2019
The FinTech Alliance "will provide access to people, firms and information" around UK fintech.
Speaking at the Innovate Finance Global Summit, part of UK Fintech Week, Chancellor Philip Hammond unveiled the creation of a new online fintech platform called FinTech Alliance.
“I’m delighted to welcome the launch today of the new FinTech Alliance—bringing together the UK’s FinTech network in one easily accessible ‘digital marketplace’,” Hammond told attendees at the Innovate Finance Global Summit.
The FinTech Alliance will be chaired by Alastair Lukies, who sits on Theresa May’s Business Council and cofounded one of the UK’s earliest fintechs, Monitise, back in the early 2000s.
While the platform isn’t due to officially launch until June, when it does it will offer a central hub for investors, hiring, events, news and a whole host of other features.
The Chancellor said the platform “will provide access to people, firms and information, including connections to investors, policy and regulatory updates, and the ability to attract and hire candidates.”
David Duffy, the CEO of CYBG and the Treasury’s FinTech envoy for England, will act as an Ambassador for the FinTech Alliance.
While the FinTech Alliance has been founded as a for-profit venture, reportedly due to time-constraints in the launch, it pledges to reinvest any profits it generates in the fintech community.
The business is being funded initially via sponsorship from launch partners which include Dun & Bradstreet, Endava, First Data, PwC, Vocalink, and White & Case.
Its board includes Alastair Lukies, David Duffy, CEO of CYBG, and a representative from the Treasury and the Department for International Trade.
In the future businesses will have to pay a monthly subscription or annual fee for a presence on the FinTech Alliance platform, while individuals will be able to register and use the services for free.