Government unveils plans to support UK’s fintech industry

Plans to make UK the "fintech capital of the world" include a fintech panel and a dedicated information hub for fintech businesses

The government is to launch a number of initiatives to support the UK’s financial technology (fintech) industry, as announced by UK Treasury economic secretary Harriet Baldwin this week.

As part of its plans to ensure the UK retains its reputation as the global “fintech capital”, three new schemes are to be introduced which includes establishing a fintech panel which will help deliver a wider fintech strategy and creating a professional services hub for fintech start-ups and small business to help access legal and accountancy services.

The government will also introduce ‘FinTech Bridges’; an organisation which will work with UK Trade and Investment (UKTI) to help prioritise global markets and encourage more fintech businesses to grow overseas.

Baldwin also confirmed that the government will continue to work with other key industry players such as TechCityuk to support the fintech sector, with more fintech policies to be announced shortly.

The announcement follows recent reports which showed that UK fintech investment soared to $901m in 2015 with 72 deals made across the year in fast-growth fintech companies such as Funding Circle, TransferWise, Currency Cloud, and Azimo.

Last week, Europe’s 50 “fintech stars” were revealed in an index published by FinTech 50.

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