EY to help carve a ‘census’ of UK FinTech
23 November 2016
Imran Gulamhuseiunwala, Global FinTech Leader at EY, comments on the Chancellor’s announcement on a FinTech census:
“We are delighted to have been asked to work with Her Majesty’s Treasury (HMT) and Innovate Finance to produce an annual census of FinTech companies operating in the UK.
“The census will provide a crucial fact-base for investors, policymakers and other stakeholders to understand the industry and to chart its growth. It will also allow us to compare the UK industry to that in other leading FinTech hubs and highlight areas where the UK needs to improve, drawing on best practice from other leading FinTech hubs which we may wish to emulate.
“The value of this data shouldn’t be underestimated. The UK FinTech industry continues to consolidate and grow its lead in the international FinTech marketplace. EY’s research for HMT earlier this year showed that in 2015 the sector drew in £6.6bn in revenues and attracted c.£524m in investment. With around 61,000 people employed in the sector (about 5% of the total financial services workforce), more people work in UK FinTech than in New York FinTech, or in the combined FinTech workforce of Singapore, Hong Kong and Australia.
“The Government has made clear its commitment to helping maintain the UK’s leading place in the international FinTech industry. We look forward to working with HMT and Innovate Finance over the coming months on developing the scope and content of the census to help provide the data and analysis that will help ensure this happens and that the UK FinTech industry continues to thrive.”