Further affirming its focus on the sustainability and growth of the fintech sector, the UK government has announced The independent Fintech Strategic Review, which will be led by Ron Kalifa OBE, former CEO of Worldpay.
The review will establish priority areas for industry, policymakers and regulators to explore in order to boost the ongoing success of the UK fintech sector.
The Economic Secretary to the Treasury & City Minister John Glen said: “The UK is one of the leading places in the world to start and grow a fintech firm, and I am determined to ensure this continues. The sector is worth around £7 billion to our economy and will therefore be vital in ensuring both that the country bounces back post-Coronavirus, and continues to be at the forefront of financial innovation now we have left the EU.
“This independent review will help us to uphold and enhance our global reputation, support growing firms, and promote the integration of new technologies across financial services to the benefit of businesses and their customers.”
As the UK economy emerges from COVID-19 and seeks to restore stability, the government is clearly placing heightened focus on the country’s growing fintech sector.
It is estimated that the UK fintech sector is worth around £7 billion to the economy and employs around 60,000 people up and down the UK.
Ron Kalifa OBE, added: “Tech based solutions in financial services have experienced wide scale adoption in the UK, with growth fuelled by a favourable startup environment that supports entrepreneurship and innovation.
“This Review will ascertain what is required to accelerate this change, to create a financial services ecosystem that is above all, sustainable, inclusive and world-leading.
“Technology has a vital role to play in the UK’s Covid-19 economic recovery. The fintech review will ensure that we can leverage this innovative technology to help consumers and businesses, through a joined-up strategy that combines investment, skills and policy to deliver it.”
