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UK FinTech industry to be given new government boost

harriet baldwin

Harriet Baldwin, economic secretary to the UK Treasury, has announced FinTech Bridges, an industry-led panel and professional services hub to ensure that the UK remains the FinTech capital of the world.

As she unveiled three new schemes to help spur the country’s FinTech sector, during her keynote speech at today’s Innovate Finance Global Summit, the economic secretary added that the UK government would not rest on its laurels.

She announced that the UK government will:

  1. Establish a FinTech panel and delivery support function which will set an overarching FinTech strategy for the UK and monitor and drive forward FinTech initiatives.
  2. Create a professional services information hub for FinTechs, making it easier for them to source legal and accountancy services, and access practical and cost-effective basic services.
  3. Alongside UK Trade and Investment will establish ‘FinTech Bridges’ with priority global markets, helping UK FinTechs to expand internationally.

With her announcement, the economic secretary was responding to recommendations from an EY report released earlier this year, which ranked the UK as the number one place for FinTech to flourish, beating other well-known hotspots such as California, New York and Singapore.

Speaking about the announcement, the economic secretary, said: “The government wants to ensure that the UK continues to be the best place in the world to be a FinTech company.

“The measures announced today show that we are not resting on our laurels and are committed to initiatives which will make our FinTech sector even stronger.”

During her speech, Baldwin confirmed that the government would continue to work with TechCityUK and other members of the industry to ensure that these new initiatives were tailored to create maximum value for the FinTech sector.

Baldwin also added that the government would announce more supportive policies for the UK’s FinTech sector in due course.

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