Publication Date: August 2014
Technology applied to financial services (Fintech) has a significant impact on our daily lives, from facilitating payments for goods and services to providing the infrastructure essential to the operation of the world’s financial institutions.
As the world’s leading financial centre, the UK is fast becoming a destination of choice for companies wanting to establish a global presence in the Fintech sector, with leading international companies in Fintech choosing to have a base in the UK whilst at the same time providing a fertile environment for start-ups and entrepreneurs.
The UK Government is committed to supporting Fintech companies; creating jobs and growth as well as further strengthening our position as the world’s pre-eminent financial services destination. Working with colleagues across government, UK Trade & Investment (UKTI) are leading efforts to attract more inward investment to the UK’s Fintech sector and support UK-based Fintech companies seeking to internationalise their business and services.
In order to better inform our strategy to meet these objectives, UKTI commissioned EY to produce a report on the UK Fintech sector. It is intended to help us map out the Fintech landscape; to create a recognised taxonomy; and highlight important growth trends, drivers and barriers.
We have taken the step of publishing excerpts of this report for the wider Fintech community as we believe financial technology businesses, investors and regulators will all benefit from increased research and transparency on this increasingly important, innovative and fast growing sector.
This report has provided valuable insight and helped shape our strategy for developing and promoting this sector in our bid to assist more companies looking to establish a presence in the UK; and help both indigenous and foreign owned UK companies leverage opportunities internationally.
Chief Executive Officer UKTI Financial Services Organisation