FinTech Strategic Review
News on 20th July 2020
HM Treasury has today announced the relaunch of an independent review of the UK’s FinTech sector, which was previously announced during Chancellor Rishi Sunak’s budget in March.
The review will be chaired by Ron Kalifa OBE, and the secretariat will be provided by Innovate Finance and the City of London Corporation.
This in-depth look at the sector comes at a time of accelerated digital adoption. We are confident that this timely and important review will underpin the future growth and prosperity of the sector across the. whole of the UK, and we firmly believe this announcement is a real recognition of our collective work to provide strategic direction to the sector.
Innovate Finance is delighted to support this independent strategic review of FinTech, and we look forward to working with Ron Kalifa, our members, and key industry leaders to provide the sector with a comprehensive blueprint for future growth, innovation and sustainability.
Innovate Finance is delighted to be supporting this strategic review of the UK FinTech sector. Over the last few months we have seen exponential growth and change in the adoption of digital financial services. We are at a pivotal moment with regards to our economy and now have a unique opportunity to reflect on the success of UK FinTech. We have the best in class in terms of innovation and should consider what more we can do to fully embed it within our wider financial services. We look forward to working with Ron Kalifa and stakeholders across the ecosystem to develop a shared blueprint for growth of the UK’s financial services sector that has technological innovation at its core.
– Charlotte Crosswell, CEO, Innovate Finance
Skills and Talent, led by Sherry Coutu CBE
The review will make recommendations for building a robust and diverse UK workforce qualified in areas relevant to emerging financial trends, through developing a domestic skills base and addressing barriers to attracting foreign talent.
Investment, led by Anne Glover CBE, Amadeus Capital
The review will make recommendations for diversifying the UK investment landscape and addressing the challenges to attracting growth funding.
National Connectivity, led by Gerard Grech, Tech Nation
The review will make recommendations for supporting the growth of regional FinTechs through improving intra-region connectivity and leveraging the strengths of other fintech hubs.
Policy, led by Dr Kay Swinburne, KPMG
The review will make recommendations for enabling and fostering wider adoption of innovation, including supporting cooperation between FinTechs and financial institutions, whilst promoting competition.
International Attractiveness and Competitiveness, led by Omar Ali, EY
The review will make recommendations for promoting UK solutions to overseas markets and support international exports, as well as promoting the UK as a key market to establish and grow a fintech company.
Listen to the podcast
Charlotte Crosswell, CEO of Innovate Finance speaks to Ron Kalifa OBE, Chair of the FinTech Strategic Review. In this discussion they frame the need for the review, a timeline for the various work streams and the ideal outcomes from the review.