A new drive to attract investment into the UK’s booming financial technology (FinTech) sector has been launched by the International Trade Secretary Dr Liam Fox MP. It will involve prioritising investment into FinTech, setting up a UK FinTech steering board and connecting companies with global investors.
The new drive was launched during London Tech Week, which took place earlier in June. It follows the Prime Minister’s announcement that more than 1,600 new jobs will be created and £2.3 billion of private investment into the broader technology sector has been secured, showcasing the UK as the best country in the world to run a tech company.
“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,” said Dr Liam Fox MP. “The sector has already attracted £1.8 billion worth of investment in 2017 – a 153% increase on the previous year and as an international economic department, DIT is putting technology and innovation at the heart of the UK’s global growth.”
Financial services and technology are two of the UK’s leading industries, with FinTech playing an increasingly important role in tasks ranging from complex financial transactions to helping consumers give money to charity more easily.
The FinTech steering board brings together academics, industry experts, government and regulators to drive investment into the sector, which is at the forefront of the UK’s global technology and innovation proposition.
It will be chaired by the City of London’s Lord Mayor, Charles Bowman, and firms including Zopa, Neyber, EY, Innovate Finance and Santander will sit alongside government, regulators and academics from MIT and Oxford University.
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