A new report by the City of London Corporation and Innovate Finance, working in conjunction with EY, takes an in depth look at the global fintech market to frame the debate for the next stage of the sector’s development in the UK.
‘UK fintech: Moving mountains and moving mainstream – international perspectives to shape the UK fintech landscape’ offers valuable context to understand best practices from comparable international markets and develop specific considerations for the next stage of innovation in the UK financial services sector.
In doing so, it looks at the changes we need to make to enhance the sector’s performance, to shape a more cohesive and inclusive financial services system, especially as we emerge from COVID-19.
UK fintech companies are some of the best in the world in 2019 they generated £11bn in revenue – 8% of total financial services output – and raised £3.6bn in investment. At the same time, £95bn was invested in tech innovation by the UK’s more traditional financial services firms.
The report comes after the launch of HM Treasury’s independent review of UK fintech. Ron Kalifa will chair the review and the City of London Corporation and Innovate Finance will form the secretariat.
Download the full report here.