City of London calls for Fintech support

If the UK can figure out a proper overall sector deal, then the UK could secure its position as a global hub for this highly promising nascent industry.

But such a deal will need significant government help – enabling innovation in regulation, availability of capital, infrastructure, and talent.

And the sector itself needs to step up, demonstrating how it benefits overall society through the development of a skills pipeline (training and apprenticeships), as well as doing a lot more about how its work can encourage greater financial inclusion, regional growth, and stimulate interoperability with existing City-based financial services businesses.

That’s the optimistic outlook of an intriguing report published last week by the City of London Corporation, working in collaboration with consultancy KPMG.

In The Value of Fintech, a number of factors in trying to create that situation are examined, from the key drivers of future British fintech growth, the most promising focus areas, as well as the implications of fintech for consumers, government, regulators and the industry.

The study also goes on to look at the contribution fintech could possibly make in improving financial inclusion, security and compliance for the country, as well as enhancing customer experience and increasing transparency.

The Chair of Policy at City of London, Catherine McGuiness, said the report was all about trying to articulate a single policy vision for fintech, co-ordinate open standards, enhance regional engagement, support talent development and greater access to capital for fintech businesses.

The City of London Corporation’s remit includes a mission to to support and promote London as the world’s leading international financial and business centre and attract new business to the capital and the whole UK.

Go here to see the full report.