The UK aims for a Fintech Future by Dan Sherratt
Following on from my earlier article on the Emerging Fintech Centres (http://www.networkitr.co.uk/news/top-5-emerging-fintech-centres-of-excellence/), Chancellor Philip Hammond will this week announce 2 plans to drive forwards Britain’s Fintech sector and push it into the future as a market-leader.
The new Fintech strategy will include identifying 2 areas where the finance industry and the government can work closely together on improving the growing digital economy arena, infrastructure projects to boosts its integration, and a “Fintech bridge” with Australia which will encourage greater cooperation between the 2 governments, regulators, and banking industries.
They will also establish a “Fintech delivery panel” to create new industry standards and to support digital companies looking to partner with the established banks. This will go hand-in-hand with a push for regional banks and building societies to adopt new technologies, supported by regional Fintech experts.
All of this comes as the UK government boosts that it has the fastest growing Fintech sector in the world.
With the approaching shadow of Brexit, can this strategy compete with the fear of financial institutions withdrawing from the city? The next 12 months will give a greater picture but this backing of our Fintech sector can only help our continued presence on the global stage.