HM Treasury’s FinTech Benchmarking Report Confirms UK Position as Global Leader
Innovate Finance welcomes today’s FinTech Benchmarking report and HMT’s continued commitment to maintaining the UK’s position as the world leading FinTech hub.
The report, which was complied by EY, confirms the UK’s leading position but points to increasingly strong competition from around the globe.
One area where the UK is truly setting the pace is in the policy and regulatory environment. Innovate Finance and our members have played a leading role in a number of these initiatives but as highlighted by the report, delivery is now critical.
The number one recommendation from the analysis is the creation of a delivery body to drive high impact policies, such as the Open Bank API to implementation as quickly as possible.
We support this strategy and have called for a network approach to ensure coordination on key structural issues such as capital, skills and the FinTech sector’s contribution to the creation of three million apprenticeships by the end of this Parliament.
One of the key strengths of the UK ecosystem has been collaboration between large and small players. Open innovation and collaboration is creating new opportunities and the FCA’s development of a Regulatory Sandbox will help develop an open source approach to regulating innovation across the financial services landscape.
Head of Policy and Regulation