The Midlands is positioning itself as a significant player in the UK’s FinTech ecosystem, aiming to build a £1.5 billion digital economy. Central to this vision is the establishment of a new FinTech lab and the expansion of the "SuperTech" roadmap, designed to foster collaboration, innovation, and economic growth in professional services technology. This plan leverages the region's 50,000 business and financial services firms and its tech sector, which has grown 10% since 2021.
Key Points
- Economic Impact: Aims to generate over 4,600 jobs and £1.5 billion in economic output in the next decade.
- Innovation Hub: Launch of a new lab to drive research and development in FinTech and related technologies like PropTech and LegalTech.
- Collaboration: Partnerships between businesses, startups, and universities like Warwick Business School are central to the initiative.
- Regional Strength: The West Midlands already supports over 11,000 FinTech jobs, contributing £474 million to the local economy, with potential to grow this to £1 billion.
- Inclusivity and Sustainability: Focuses on productivity, open data, inclusion, and sustainability as key themes for innovation.
