#UKFinTechWeek: 3 signs of success
Last week was UK FinTech Week — a week-long programme of events focused on Financial Technology, celebrating the UK’s status as the leading global FinTech hub and to discuss what more can be done to support the sector.
Reflecting back on the weeks’ events, I wanted to highlight the three signs of success that I took away from the various events I attended.
- The importance of collaboration between FinTechs and traditional financial services firms.
The week started over in Shoreditch for an event hosted by the ABI. The trendy venue, complete with stripped wooden floorboards, was a world away from the traditional image of financial services, and it was great to hear traditional insurance firms and FinTechs discuss the opportunities for FinTech firms in the insurance sector. I was encouraged to hear that the ABI will look to run similar events again in future — it’s great that this dialogue will continue past FinTech week.
Collaboration was again the theme on Wednesday morning when I was back in East London bright and early to visit Rise London and meet firms from the Barclays accelerator programme. I had a great conversation with Barclays about how big players in the banking sector can work with FinTech start-ups to drive innovation across financial services. And it was fascinating to meet and hear about some of the FinTechs on the programme — as a parent I’ll definitely be using Cuvva’s hourly car insurance in future! It seems clear to me that such collaboration will be key to ensuring that more UK consumers feel the benefits of the innovative products and services FinTechs offer and we will do our best to encourage such collaboration.
2. The vital role of Government backing for UK FinTech.
I was delighted to welcome so many FinTech innovators and experts to No11 on Tuesday night for the official launch of FinTech week. Despite having to dash back and forth between the House of Commons to vote, I managed to hear most of the fascinating discussion about what makes the UK the world’s leading FinTech hub, including the importance of the Government’s support, and what we can do to be even better.
Thanks to Eileen Burbidge, HMT’s Special Envoy for FinTech, for some expert chairing to keep everything running seamlessly, and to everyone involved in the discussion, especially the brilliant panellists.
The results from the HM Treasury commissioned FinTech benchmarking exercise, undertaken by EY, were published on Wednesday, confirming the UK’s position as the world’s premier FinTech hub. Key to the UK’s success is the nature of its policy environment, but as the report highlights, we will need work hard to keep pace with our competitors. We are committed to ensuring the UK maintains this position.
3. The need to utilise and draw on all parts of the FinTech ecosystem, across the UK.
On Friday I had a really interesting visit to meet FinTech firms at the EngineShed in Bristol and to meet staff and students at Bristol university’s ‘Basecamp’ student start-up. As EY’s report highlights, FinTech activity in the regions is one of the UK’s key strengths. The visit also re-emphasised the important role universities play both in research and educating and training our next generation of FinTech leaders. For UK FinTech to succeed we must have a UK-wide solution which involves all players in the FinTech environment working together to a common goal.
Of course, there were so many other brilliant events that I couldn’t get along to during FinTech week. Thanks to No 10, the FCA, TechCityUK, Innovate Finance, The CityUK, Lloyds Banking Group, the London Stock Exchange, and of course Eileen Burbidge for hosting roundtables, events and conferences covering so many different areas of the FinTech sector.
I look forward to continuing to engage and work with the FinTech community to ensure the UK’s competitive and dynamic environment for FinTech continues to be world-leading.
