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Open letter of support for the Kalifa Review

14 April 2021

Dear Chancellor,

Open letter of support for the Kalifa Review

As senior leaders in innovation and financial services, we see the huge potential for fintech to be one of the UK’s most successful industries and exports in a post-Brexit world, in addition to evolving our financial services sector. The UK has been the global torchbearer for financial services and its future is inextricably linked to FinTech. The UK can remain the global leader by adopting a more coordinated and structured approach for a sector which creates jobs, drives innovation and delivers benefits across the country. 

We write to collectively express our support for the roadmap set out in the Kalifa Review to drive an ambitious strategy across three key areas:

  1. Support for Global Britain – The UK is already a global thought-leader for fintech. As the sector matures and our businesses scale, we need to fully realise this global positioning and cultivate an environment that allows our businesses to expand and scale overseas. Investing in a path to international growth for leading UK fintechs’ products and services will enable us to produce a new generation of fintech champions who can compete globally.
  2. Leading the recovery through levelling up – UK fintech businesses are ideally placed to lead the ‘build back better’ recovery for tech and innovation across financial services. There is a renewed confidence in digital financial services and in leveraging the power of fintech to improve productivity. Across the UK, there are thriving fintech clusters where the next generation of businesses are being created, drawing on local skills and expertise. As these regional clusters grow, they have the potential to create thousands of jobs, providing consumers and SMEs with access to the best technology to help improve their financial outlook.
  3. Building our capacity for future growth – With the right balance of supportive policies, regulation, talent, and investment, the UK can lead the world in fintech. However, this ambition can only be achieved by strong leadership from the centre, where government and financial services can draw on bold thinking from across the sector, creating the necessary infrastructure to promote and nurture tech-led innovation across financial services that drives societal change. The creation of a new Centre for Finance, Innovation and Technology between government and industry, has the potential to facilitate better outcomes for consumers and businesses through technology-led financial services. 

The UK cannot afford to rest on its laurels. We must do all we can to capitalise on our current position of strength, ensuring that the UK benefits from the sector’s significant potential to stimulate economic growth and create new jobs, to bring investment to our ecosystem and deliver new opportunities for reskilling employees.

We look forward to hearing a response from your department on the next steps following the Kalifa Review, and remain at your disposal to support and deliver on the proposals. 

A copy of this letter has been sent to the Economic Secretary to the Treasury.

Sincerely,

Iain Anderson

Executive Chairman, Cicero/AMO

Chair, FinTech Strategy Group

Giles Andrews OBE

Co-Founder and Chairman, Zopa

TS Anil

CEO, Monzo

James Bardrick

CEO, Citi UK

Louise Brett

Partner and Head of FinTech, Deloitte

Anne Boden MBE

CEO, Starling Bank

Nathan Bostock

CEO, Santander UK

Francesca Carlesi

Founder and CEO, Molo

Paul Christensen

Co-Founder and CEO, Previse

Dame Elizabeth Corley

Chair, Impact Investing Institute

Sherry Coutu CBE

Chair, SVC2UK

Charlotte Crosswell

CEO, Innovate Finance

Seema Desai

Chief Operating Officer, iwoca

Christian Faes

Chair, FinTech Founders

Anne Glover CBE, HonFREng, FRSE

CEO and Co-Founder, Amadeus Capital

Gerard Grech

CEO, Tech Nation

Charlotte Hogg

CEO, Visa Europe

Lisa Jacobs

Europe Managing Director, Funding Circle

Freddy Kelly

Founder and CEO, Credit Kudos

Anita Kimber

UK Digital and Innovation Partner, EY

Catherine McGuinness

Chair of Policy & Resources Committee, City of London Corporation

Mark Mullen

CEO, Atom Bank

Mike Laven

CEO, Currencycloud

Nick Lee

Head of Regulatory Affairs, OakNorth

Tim Levene

CEO and Founder, Augmentum Fintech PLC

Guillaume Pousaz

Founder and CEO, Checkout.com

Nik Storonsky

Founder and CEO, Revolut

Dr Kay Swinburne

Vice Chair – Financial Services, KPMG

Arunan Tharmarajah

Head of European Banking, Wise

Stefano Vacino

Founder and CEO, Yapily

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