How can government propel growth in the FinTech sector?
The FinTech sector is growing rapidly. The UK is already a leader in financial services, but its government wanted to know – how could they create the world’s leading FinTech ecosystem?
From payment apps for your smartphone to the financial systems that support businesses, FinTech underpins many of our daily transactions. It’s worth £6.6bn a year to the UK and growing quickly. Driven by initiatives such as Open Banking, it’s one of the most dynamic sectors in the industry.
With its mandate to promote innovation and competition, the UK government has been quick to spot the opportunities for revenue, employment and growth.
Its question; how can the UK create the world’s leading FinTech ecosystem?
And our challenge; to support them in this goal.
This requires reliable information to benchmark the scene and solid ground on which to base policy. Only by truly understanding the sector’s needs can it hope to attract FinTech businesses and the investment that allows them to scale.