Prime minister backs manifesto to make UK world leader in fintech
Innovate Finance wants to drive $8bn fintech investment and increase number of people working in fintech to 235,000 by 2020
David Cameron has given backing to Innovate Finance’s new manifesto which sets out its “vision” to increase investment in financial technology (fintech), create more jobs in the sector and make the UK the global fintech leader by 2020.
A key goal of the manifesto, entitled UK FinTech 2020, is to attract $4bn venture capital investment and $4bn of institutional investment in Britain;s corporate venture funds, accelerators and innovation programmes.
Other goals include increasing the number of people working in fintech by 100,000 by 2020 – up to 235,000 – which will be supported by new fintech apprenticeships and and degree courses, and more specifically making the UK the “premier location” for a minimum of 25 global fintech businesses.
The manifesto builds on recent findings which indicate that the UK, and London in particular, is becoming the world’s most attractive destination for fintech with the majority of the international business community having named the capital as the global leader in fintech.
Prime minister, David Cameron, said: “This government wants the UK to be the leading fintech centre in the world.
“I’m pleased that Innovate Finance’s manifesto has set such ambitious goals including the creation of 100,000 jobs. This will ensure we are a world leader in the development of financial services technologies.”
Innovate Finance chairman and founder of payments technology firm Monitise, Alastair Lukies CBE, discussed the manifesto’s aims:
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“The UK has a critical role to play in ensuring financial inclusion, common standards, continued innovation and socially enhancing services for all. Today’s manifesto for 2020 states the UK’s intentions to be a global leader in FinTech, underpinning the important progress of this borderless market for generations to come.”