Department for International Trade (DIT)

Department for International Trade (DIT)

Address 3 Whitehall Pl
Westminster
London
London
SW1A 2HP
United Kingdom
Website Visit Company Website
Email FSOFinTechs@trade.gov.uk
Telephone (+44) 020 7215 5000
About Department for International Trade (DIT)

The Department for International Trade (DIT) secure UK and global prosperity by promoting and financing international trade and investment, and championing free trade.

We are an international economic department, responsible for:

  • bringing together policy, promotion and financial expertise to break down barriers to trade and investment, and help businesses succeed
  • delivering a new trade policy framework for the UK as we leave the EU
  • promoting British trade and investment across the world
  • building the global appetite for British goods and services

DIT FinTech Team

The Department’s FinTech team supports the UK’s world-leading FinTech hub by fostering the conditions for growth across the domestic ecosystem and supporting the international expansion of companies, institutions and regulatory framework.

We work in over 40 international markets, supported by our teams in Consulates and Embassies around the world, to connect businesses, organisation and regulators, and provide tailored advice and support for market entry. 

For UK companies: ​

  • We support FinTechs expanding into priority markets – matching UK supply with overseas demand​. The level of support varies from market to market, but includes a range of business development, institutional and regulatory connectivity and marketing and comms support.
  • As a part of this core offering, we organise trade missions to key markets – helping UK companies connect with business opportunities overseas. We welcome applications from all companies looking to expand into the relevant market(s) and who fit the advertised criteria outlined in the mission brief. All missions are advertised through key social media channels which include: LinkedIn, Fintech Alliance and our events page.

For overseas companies looking to expand into the UK:

  • We provide expert advice and account management to help overseas business locate and do business in the UK. Services include expert tax, immigration, and visa advice, sector-specific information on the UK economy, connections to relevant industry partners and associations, and bespoke advice as needed.

 

Our activity and strategic priorities are governed by DIT’s FinTech Steering Board, which brings together academics, industry experts, government and regulators to inform and advise the Department’s FinTech Strategy. The Board is chaired by the City of London’s Lord Mayor. 

Outside of business consultation and trade activity, we lead on a series of bespoke projects and activity. Current projects include: 

FinTech Bridges Pilot Program

DIT’s Bridge Program – currently being piloted across Australia and Hong Kong only - provides tailored, structured support to cohorts of UK companies looking to expand into the FinTech Bridge markets: Australia, China, Hong Kong, South Korea and Singapore

Cohort companies are provided with dedicated, high-touch support, mentorship, connectivity to regulators and industry, assisted business development in market, and brand promotion over the course of the Program. Subject to the completion of a successful Pilot, the Program will be scaled across additional Bridge markets, and new companies recruited during 2020.

UK-Africa FinTech Partnership 

In August 2018 the Prime Minister announced the first UK-Africa FinTech partnership, which aims to deepen collaboration and build relationships between African and UK FinTech industries. The partnership has three distinct features: 

  1. Identifying business opportunities – the Africa FinTech Investment Group is a sub-group of DIT’s FinTech Steering Board and brings together the collective expertise of the UK and African FinTech communities to identify investment opportunities to support the development of the thriving African FinTech industry.
  2. Building capacity within the regulators – a DFID partnership with the FCA will support regulation of FinTech in Africa, to be piloted in Kenya and Nigeria.
  3. Taking African FinTech innovations to scale – a £2m FinTech fund is helping Nigerian FinTechs with a focus on financial inclusion to take their innovations to scale. DFID may expand this offer to other African markets.

Women in FinTech 

The Women in FinTech Global Initiative is aimed at bringing more female entrepreneurs to the UK and to help make the UK’s FinTech ecosystem more diverse. The initiative has three pillars. 

  1. Creating an opportunity for likeminded women to meet, inspire, advise and mentor each other.
  2. Facilitating connections between female entrepreneurs and a supportive investment community that understands the specific challenges faced by women looking to raise capital
  3. Providing valuable scaling guidance by working with accelerators and incubators to offer women support through their programmes. NatWest is the first company to support DIT’s accelerator programme by offering places to women FinTech entrepreneurs to take part in the 18-month fully-funded programme. The cohort will be offered bespoke coaching, learning, workshops and free office space.

Financial Innovation Partnership (FIP)

The Partnership between the governments of the UK and US sets out a framework to deepen bilateral engagement on emerging trends in financial services innovation. This include increasing partnerships between DIT and the US Department of Commerce to encourage collaboration in the private sector, share information and expertise about regulatory practices, and promote growth and innovation. The Financial Innovation Partnership focuses on two main areas: ​

  • Regulatory Engagement: dialogue between authorities and with the private sector is critical to identify and address potential regulatory synergies, share lessons, and develop closer working relationships. The United States and United Kingdom will build on existing regulatory cooperation by discussing regulatory developments and sharing experiences on technical issues related to innovation in financial services.
  • Commercial Engagement: the FIP also seeks to promote a dynamic private sector that supports entrepreneurs and new business models – a necessary driver of financial innovation. It will provide enhanced and regular opportunities for the private sector in one country to engage with industry associations, and market participants in the other country.

The ministers at the Department for International Trade work across Whitehall and internationally to secure UK and global prosperity by promoting and financing international trade and investment, and championing free trade.

For any enquiries related to DIT’s Fintech team, please contacts us via: FSOFinTechs@trade.gov.uk


Key People at Department for International Trade (DIT)
Rt Hon Dr Liam Fox
Rt Hon Dr Liam Fox - Secretary of State and President of the Board of Trade

Has overall responsibility for the business of the department. Dr Fox has led the DIT since the department was created in July 2016.

Graham Stuart
Graham Stuart - Minister for Investment

Leads on promoting foreign direct investment into the UK, as well as overseeing the government’s policy on overseas direct investment. Minister Stuart

Tomas Helm
Tomas Helm - Head of FinTech

Leads on team strategy, operations, and management. Leads on internal and external engagement with key stakeholders.

Alex Low
Alex Low - FinTech Advisor

Leads on venture capital relationships, and DIT’s strategy to support investment into FinTech.

Philippa Martinelli
Philippa Martinelli - FinTech Bridge Advisor

Responsible for the implementation of FinTech Bridges policy, and FinTech Bridge Pilot Program.

Sameer Gulati
Sameer Gulati - FinTech Advisor

Responsible for DIT’s FinTech strategy around emerging and middle-income markets.

Rory O’Kane
Rory O’Kane - FinTech Investment Associate

Responsible for domestic FinTech engagement and stakeholder manager for UK incubators, Accelerators & Co-working spaces.