“Fintech has the power to change lives, both in terms of job creation and better wages that are so essential to our recovery; and making financial services more accessible and relevant to people’s lives.
Britain has a proud record of starting-up and scaling-up some of the best known fintech products such as Funding Circle and TransferWise, but we cannot rest on our laurels. The next powerhouses will not be created by accident. “We know that many nations are eyeing up the chance to poach Britain’s market share, but this is not inevitable.
Britain must not miss the opportunity to become a dominant player in the fintech industry. We must continue to nurture our start-up culture, but crucially we must also give our high growth firms the support to become global giants.
With the right reforms that encourage entrepreneurialism, investment and make it easy to attract and invest in talent, Britain can usher in a period of dominance that can help us build back better from Covid-19.”
Ron Kalifa OBE
Recommendations At A Glance: 5 Point Plan
Policy and Regulation
- Deliver a digital finance package that creates a new regulatory framework for emerging technology
- Implement a “Scalebox” that supports firms focusing on scaling innovative technology
- Establish a Digital Economy Taskforce (DET) to ensure alignment across government
- Ensure that fintech forms an integral part of trade policy
- Retrain and upskill adults in support of UK fintech by ensuring access to short courses from high-quality education providers at low cost
- Create a new visa Stream to enhance access to Global Talent for fintech scaleups
- Build a pipeline of fintech talent by supporting fintech scaleups to offer embedded work placements to Further Education and Higher Education students and Kickstarters
- Expand R&D tax credits, Enterprise Investment Scheme and Venture Capital Trusts
- Unlock institutional capital to create a £1bn “Fintech Growth Fund” of sufficient scale to act as the catalyst in developing a world leading ecosystem
- Improve listing environment through free float reduction, dual class shares and relaxation of pre-emption rights
- Create a global family of fintech indices to enhance sector visibility
- Deliver an international action plan for fintech
- Launch an international “Fintech Credential Portfolio” (FCP) to support international credibility and increase ease of doing business
- Drive international collaboration through the Centre for Innovation, Finance and Technology, and launch an International Fintech Taskforce
- Nurture the high growth potential of the top 10 fintech clusters
- Drive national coordination strategy through Centre for Innovation, Finance and Technology
- Accelerate the development and growth of fintech clusters through further investment such as R&D
Views from the ecosystem
“At Monzo, we are proud to be part of an industry that is always working to change finance for the better and give consumers more options. It is why we are supportive of these recommendations which would help the next generation of financial technology companies get off the ground, while enabling established companies, like Monzo, to take it to the next level.”
TS Anil, Monzo CEO
Watch The Launch Event
Watch the launch event of the HM Treasury commissioned Fintech Review led by Ron Kalifa.