The government has announced initiatives to help the financial technology (fintech) sector in the UK.
At the 2016 Innovate Finance Global Summit this week, economic secretary to the Treasury Harriett Baldwin unveiled three new projects:
Establish a fintech panel and delivery support function which will set an overarching strategy for the UK and monitor and drive forward fintech initiatives
Create a professional services information hub for fintech businesses, making it easier for them to source legal and accountancy services, and access practical and cost-effective basic services
Alongside UK Trade and Investment, establish 'FinTech Bridges' with priority global markets, helping businesses to expand internationally
According to an EY report published this year, the UK is ranked as the number one place to own and run a fintech business.
The sector generated £6.6bn in revenue in 2015 alone and employs over 60,000 people in the UK.
In the recently published FinTech Book, director of communications at The Assets defines fintech as: 'a new wave of companies changing the way people pay, send money, borrow, lend and invest.' Its roots are in the financial crisis, when people's trust in banks became dented.
She lists companies disrupting this sector as being Transferwise, peer-to-peer lending sites such as Zopa and LendingClub and crowdfunding sites.
In previous years, the government has attempted to bolster this sector by appointing Eileen Burbidge as Special Envoy for fintech to promote the UK sector at home and abroad.
It's also created a regulatory system and open banking standard.
The government said it would continue to work with TechCityUK and other members of the industry to ensure the new initiatives are tailored to create maximum value for the sector and will be announcing more policies 'in due course'.
At the 2016 Innovate Finance Global Summit this week, economic secretary to the Treasury Harriett Baldwin unveiled three new projects:
Establish a fintech panel and delivery support function which will set an overarching strategy for the UK and monitor and drive forward fintech initiatives
Create a professional services information hub for fintech businesses, making it easier for them to source legal and accountancy services, and access practical and cost-effective basic services
Alongside UK Trade and Investment, establish 'FinTech Bridges' with priority global markets, helping businesses to expand internationally
According to an EY report published this year, the UK is ranked as the number one place to own and run a fintech business.
The sector generated £6.6bn in revenue in 2015 alone and employs over 60,000 people in the UK.
In the recently published FinTech Book, director of communications at The Assets defines fintech as: 'a new wave of companies changing the way people pay, send money, borrow, lend and invest.' Its roots are in the financial crisis, when people's trust in banks became dented.
She lists companies disrupting this sector as being Transferwise, peer-to-peer lending sites such as Zopa and LendingClub and crowdfunding sites.
In previous years, the government has attempted to bolster this sector by appointing Eileen Burbidge as Special Envoy for fintech to promote the UK sector at home and abroad.
It's also created a regulatory system and open banking standard.
The government said it would continue to work with TechCityUK and other members of the industry to ensure the new initiatives are tailored to create maximum value for the sector and will be announcing more policies 'in due course'.
