A new report from FinTech Scotland and FinTech Wales has proposed increasing research and innovation (R&I) to accelerate fintech development across the UK, nationally and regionally to support growth and new jobs.
The report, Research and Innovation for UK FinTech, jointly authored by Gavin Powell and Johnny Mayo of FinTech Wales along with Nicola Anderson and Stephen Ingledew of FinTech Scotland, provides a series of recommendations to increase the pace of R&I.
FinTech Scotland CEO Nicola Anderson said: “We know from experience that fintech across the UK offers real potential for economic growth, future employment, and greater financial inclusion.
“This paper proposes a suite of purposeful and collaborative actions that can achieve success through commitment and regional contributions. The paper is just the start and we’re looking forward to continuing this work with fellow fintech leadership colleagues and teams across the UK.”
Among the key actions to build longer-term R&I across the UK set out in the report are:
- Creating challenge-led innovation programmes to create ground-breaking propositions
- Mapping the longer-term needs for fintech R&I in partnership with established researchers
- Developing a FinTech Innovation Institute by a collaboration of UK fintech regions
- Regional fintechs making contributions that leverage their local strengths and connected networks
The proposed actions have been supported by contributions from experts across industry, regulators, research experts and academic organisations across the UK.
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FinTech Wales CEO Sarah Williams-Gardener said: “This paper recommends a clear plan to secure a more prosperous future for fintech through innovation and we need to act now to ensure that we can continue to grow in fintech and not fall behind our international competitors.
“We must create an environment where opportunities to innovate – and break through the crowd – can be achieved. The importance to build back better post-Covid-19 is even more pressing. If we don’t commit to providing the right conditions now for our fintech innovators, we will almost certainly lose out to our international competitors.”
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Ian Campbell, then CEO of Innovate UK said: “This paper demonstrates the imperative to act and to ensure the UK, as a whole, embraces fintech innovation across the financial services sector and the broader economy; leveraging regional skills and expertise to execute a unified strategy and unleash the full potential of all nations and regions within the UK.”
Ron Kalifa OBE and former CEO of Worldpay, who is leading the Governments fintech review said: “We are delighted to see FinTech Scotland and FinTech Wales combining forces to propose a UK-wide joined-up approach to fintech innovation. We all have a common goal to make UK fintech resilient and prosperous on the global stage.”
In the summer of 2020, the complementary FinTech Strategic Review was launched and is expected to report its findings and recommendations to HM Treasury in Q1 of 2021.