Kicking off UK Fintech Week, Chancellor Rishi Sunak has unveiled plans to maintain the UK’s competitive advantage in FinTech. 

In Brief: 

These include a new ‘scale box’ run by the FCA to help FinTechs move on from startup stage. 

An industry-led Centre for Finance, Innovation and Technology (CFIT) has also been backed, to support FinTech growth with the help of regional hubs. 

The Chancellor has also supported a central bank digital currency taskforce so the UK can “lead the digitisation” of finance. 

What does this mean? 

FinTech Alliance Chairman Alastair Lukies CBE commented on the Chancellor’s speech: 

“The UK has long been the best place to start a FinTech, but work is still needed to help businesses scale and grow. It is positive to see some of the recommendations of the Kalfa Review being so readily implemented in this regard. 

“The Chancellor has shown all the necessary leadership to take forward the hard work the UK has put into the FinTech sector over the past 15 years, and has rightly recognised that there has not been a better time to support our scaling UK FinTechs, which will form a key part of the economic recovery from Covid-19. 

“The plans outlined today, as well as offering individual businesses the chance to scale, but helping the entire UK-wide FinTech ecosystem to mature together so we continue to lead on a global scale. This means in addition to maintaining London’s crown as a world-leadingfinancial services hub, our vibrant regional ecosystems will be able to bring a variety of innovations to the global stage.”

Read the full speech here.