The election has delivered a more certain result than was expected in the pre-election polls, providing a huge opportunity for the incoming government to build on the solid foundations of the coalition government.
The certainty provided by a clear election outcome will be welcomed by investors and entrepreneurs alike and will help cement the UK’s position as the world’s principle fintech and financial services hub. The renewed stable political landscape and continued support for innovation and job creation provides strong foundations for these endeavours.
Launched in 2014, Innovate Finance is as an independent membership association that represents the voice of UK’s global fintech community, helping recognise and cement the UK’s role as a leading global hub for financial services innovation.
From the outset, Innovate Finance has worked closely with the government in order to deliver the right policy and regulatory environment for UK fintech. The Chancellor of the Exchequer delivered the keynote address at our launch, saying that the UK should ‘lead the world in fintech’ and promised new investment, innovation support and international campaigns to sell British technologies.
We’ve participated in government-backed trade missions to Asia and America and promoted fintech technology abroad. We’ve organised roundtables with government on critical issues such as the future of digital currencies and banking regulation and we hope that the new government will continue to foster a pro-enterprise environment encouraging investment into the UK.
A recent report from Accenture shows that investment in UK technology totalled $623m in 2014, much coming from the fintech sector, which attracted more than US$539m – triple the amount raised in 2013 – and more than half of all fintech investment across Europe.
The recent Budget demonstrated the importance of fintech to the UK’s economic success with a number of important policy proposals to be consulted on in the new parliament. From increased competition in banking, to digital currency investment and open data projects, the UK has set out an ambitious programme of work, which we look forward to responding to.
Innovate Finance’s Regional Strategy was also recognised in the last Budget as the best way to deliver a national fintech ecosystem. As an organisation we have already started to deliver on mapping and engaging with fintech hubs in both Leeds and Edinburgh, with further engagement planned in Manchester and Birmingham. Fintech hubs are an engine of growth and a huge employer across the whole country, employing over 40,000 people.
Innovate Finance will work with the new government to ensure we have an economic policy which develops the UK’s strengths and supports the entire economy. As the voice of the sector we look forward to mapping and connecting fintech firms across the nation.
A stable political landscape and continued support for innovation and job creation provides strong foundations for our endeavors to build a sustainable finance sector and to create something that is inclusive and relevant to everyone.
We are committed to seeking the optimal business and cultural environment for the UK to lead the way in financial services innovation – this is for the good of the UK and for the benefit of citizens globally.
Alastair Lukies, Chairman, Innovate Finance