An independent review has set out a plan for the UK to retain its global leadership in fintech by helping the country’s financial technology firms to scale up, access the talent and finance they need, and deliver better financial services.
The UK has more than 10 per cent of the global market share in fintech and the sector is now worth more than £11 billion a year to the UK economy.
The independent review, led by Ron Kalifa OBE, finds the UK is at a pivotal moment and presents a wide-ranging strategy and delivery model to build on its existing attractiveness to start-ups firms and become the best place for a fintech business to reach global scale.
It marks an important step in the Chancellor Rishi Sunak’s plan to make the UK the most open and dynamic place in the world to operate a financial services business. The government say they will now examine the recommendations and respond in due course.
The review highlights the opportunity to create highly skilled jobs across the UK, boost trade and extend a competitive edge over other leading fintech hubs. Recommendations include:
- introducing a new ‘fintech scale up’ visa route for specialists from around the world
- implementing a ‘scale box’ to provide regulatory support for growing firms
- improving UK listings rules with free float reduction and dual class shares
- creating a £1 billion-pound fintech ‘growth fund’ to help firms grow independently
- establishing a private sector-led Centre for Finance, Innovation and Technology to support national coordination and growth in fintech across the UK
Rishi Sunak, Chancellor of the Exchequer, said:
Ron Kalifa OBE said:
The independent review’s full report can be read here.
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