From the community

The future of fintech in the UK

November 21, 2019 | FinTech

Content provided by Bankable

Bankable
The future of fintech in the UK

Three reasons why the UK is a global leader in fintech

I would like to take the opportunity to share some insights as to why London and the UK are a great place to headquarter a fintech, just like I did with Bankable. 

Reason #1: Pro-business environment

The UK’s Financial Conduct Authority (FCA)’s mission is not only to protect consumers’ interests but also to promote effective competition. 

The Open Banking initiative is usually the main topic of discussion. However, other initiatives such as the FCA’s Project Innovate and regulatory ‘sandbox’ – where fintechs can have their businesses and ideas tested in a controlled environment – are particularly notable in promoting competition. The ‘sandbox’ helps regulators understand the innovations taking place in the industry as well as the risks, allowing them to make more informed decisions and be ahead of the curve, such as the Global Financial Innovation Network, spearheaded after identifying the truly global reach of fintechs’ ambitions. 

The Department for International Trade as well as other organisations, such as London & Partners and Innovate Finance (of which Bankable is an active member), are also working actively with industry players to create connections and foster collaboration. 

Reason #2: Global headquarters

For centuries, the UK has attracted global headquarters. We can walk to offices of large corporations in a matter of minutes around the city and Canary Wharf to meet key stakeholders who can take global decisions. 

Reason #3: Formidable talent

Not only London is vibrant, multicultural and diverse, it is also home to many challenging projects, which naturally attract and retain top talent. The wider UK is also a magnet for talent - the UK has created 76.500 jobs in fintech at over 1.600 fintech firms, with projections suggesting the number of firms will double by 2030. 

More in FinTech

Plenti is latest Australian FinTech to go public  
FinTech
September 23, 2020

Plenti is latest Australian FinTech to go public  

Australian FinTech firm Plenti Group is launching on the ASX today (Wednesday). ...

Yandex to buy Tinkoff for $5.5bn 
FinTech
September 23, 2020

Yandex to buy Tinkoff for $5.5bn 

Russian tech business Yandex is buying a digital bank.   In Brief:  ...

Monzo has added 50,000 business accounts   
FinTech
September 18, 2020

Monzo has added 50,000 business accounts   

Monzo has built up 50,000 business customers in less than six months, AltFi reports. ...

FinTech
September 02, 2020

How we use Cledara at Railsbank

Railsbank, one of Europe's fastest growing fintech startups, talks about how they use Cledara, how i...

FinTech
July 29, 2020

Unleashing the potential of FinTech in banking

The FinTech industry attracted over US$13.1b in VC-backed investments in 2016, about five times...

FinTech
May 27, 2020

West Midlands FinTech Ecosystem Report 2020

This report focuses primarily on the activity in the geographical area covered by the West Midlands...

FinTECH4Life

FinTECH4Life

When: Nov 16th - Nov 17th, 2020
Where: The Brewery, London
Price: £999
FinTech Connect 2020

FinTech Connect 2020

When: Dec 02nd - Dec 03rd, 2020
Where: ExCel London, London
Price: FREE