Innovate Finance statement on UK election results
Blogs on 13th December 2019
Charlotte Crosswell, CEO, Innovate Finance
“Innovate Finance, along with the wider FinTech community, welcomes the new Government. We look forward to continuing our open and constructive dialogue with the Government about the UK FinTech sector, to ensure it continues to drive growth and innovation in financial services.
Industry working with government is a key in setting the trajectory for the years to come. Whilst it’s clear that the UK remains the global leader for innovation in financial services, we cannot be complacent. Competition to the UK’s global prominence in FinTech remains fierce — all the more so with the backdrop of Brexit. We need to collectively harness the full potential of our Financial Services & FinTech sector to retain our advantage. This will require concerted, continuous effort from all involved; industry, government and regulators working in partnership to cement the UK as an attractive location for innovation, talent and capital.
To fuel the further success of the FinTech sector and ensure its continued international growth and competitiveness, we need to answer pressing immigration questions and access to international talent. To that end, the Government should consider a scale-up visa, that allows scale-up and high-growth companies to fast-track essential hires from overseas during times of rapid expansion. We must also support tech companies with retaining talent, and increasing the limits of the EMI scheme is a core part of that effort.
Beyond fuelling the talent pipeline, the Government should also look to support the maturing UK FinTech market by exploring initiatives that unlocking patient capital, in order to help companies in the later stages of fundraising, seeking to go global and export British innovation. And it’s not just exporting – FinTech is making a unique contribution to the UK’s wider research and development agenda. From AI and machine learning, to distributed ledger technology, many FinTechs are at the forefront of developing the next generation of tools and products that support the growth of the UK’s financial services industry.
If FinTech is supported now, the UK economy will reap the benefits in the long run – from developing new technology to bringing new solutions to vulnerable customers. That’s why it’s all the more important to create a dedicated UK-wide FinTech financial inclusion campaign to highlight the innovative solutions that now exist for consumers. This will allow Government to leverage these products to support and encourage best-in-class FinTech companies, that can in turn transform financial wellness.”