The rapid growth that we have seen in the FinTech sector in the UK over the last few years is astonishing. The very fact that there are more people employed in London’s FinTech sector than either New York or Silicon Valley, with over 44,000 people, says it all and shows just how we have a real competitive edge as a world leading hub.
Innovation has always been at the heart of our economy and the financial services in particular. Our biggest financial services companies now recognise that their next big, bright ideas are not simply going to come from their own in-house strategy teams and IT departments, but actually from the thriving start-ups that are pushing the boundaries and thinking creatively. And crucially in the UK what they have is access to people that have these bright ideas – the coders, the graduates and entrepreneurs up and down the country.
The City of London Corporation is delighted to be working alongside Innovate /Finance in helping accelerate the growth of the industry and usher in a new era of alternative products and services that both consumers and clients want to see.
The developments that we’re seeing with mobile payments, digital currencies, alternative finance, crowd-funding platforms and peer-to-peer lending have turbocharged the industry to astronomical levels – so much so that the sector was valued at £20 billion last year. In a global economy that really means we stand out. We want that growth to continue and most importantly help create further jobs in London and across the UK.
There are some fantastic speakers down for the Innovate Finance Global Summit taking place at Guildhall on 9 March. I’d recommend anyone with the faintest interest in this burgeoning sector comes along to see what the future holds for FinTech.