A panel established to grow the United Kingdom’s financial technology (FinTech) sector plans a review of the industry to identify opportunities for growth, the government announced Tuesday (July 21).
“The U.K. is one of the leading places in the world to start and grow a FinTech firm, and I am determined to ensure this continues,” said John Glen, the nation’s Economic Secretary to the Treasury, in a statement. “This independent review will help us to uphold and enhance our global reputation, support growing firms, and promote the integration of new technologies across financial services to the benefit of businesses and their customers.”
Much is at stake when it comes to the country’s FinTech businesses. The sector has an estimated worth of 7 billion pounds ($8.9 billion). Last year, it attracted 4.1 billion pounds ($5.2 billion) in venture capital, and the market has been estimated to have grown by nearly 70 percent since 2015.
The United Kingdom, comprised of England, Scotland, Wales and Northern Ireland, employs 60,000 people in FinTech.
The U.K. government said FinTech’s success is key to ensure the country rebounds from COVID-19 and to remain at the center of financial innovation.
The FinTech Strategic Review, whose mission is to establish priorities for the industry, policy makers and regulators to ensure success of the U.K. FinTech sector, will be led by Ron Kalifa, former CEO of Worldpay, the Ohio-based payment processing company and technology provider.
“Tech-based solutions in financial services have experienced wide scale adoption in the U.K., with growth fueled by a favorable startup environment that supports entrepreneurship and innovation,” said Kalifa in a statement. “This review will ascertain what is required to accelerate this change, to create a financial services ecosystem that is above all, sustainable, inclusive and world-leading.”
The review promises to help the U.K.’s FinTech have the resources to grow and succeed, make sure conditions are right for the widespread adoption of financial technology and that the U.K.’s global reputation for innovation is maintained and advanced.
The review is expected to be completed early next year.