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.