While attending the FinTech World Forum 2018 in London recently I was reminded of the UK’s enviable position as the world leader in FinTech. The UK government fully acknowledges this, and (for those of you who missed it) its FinTech Sector Strategy paper sets out a robust and proactive strategy to help maintain and build on this position.
Points to note for me include:
- FinTech Regional Envoys: promoting the adoption of FinTech across the UK
- FinTech partnering standards: tackling partnering barriers by developing a set of industry standards which make it easier for FinTech businesses to partner with financial services firms
- Cryptoassets Task Force: exploring the benefits of distributed ledger technology / blockchain, and helping to mitigate the risks
- RegTech: exploring the automation of regulatory compliance and use of machine readable rules, saving FinTech businesses and financial services firms time and money
- FinTech Bridges: supplementing existing FinTech Bridges (Singapore, South Korea, China and Hong Kong) with a new FinTech Bridge with Australia
With strong domestic demand for Fintech products, a world-leading financial services sector, a thriving tech scene, a positive regulatory environment, and strong government support, it’s no wonder that the UK is riding the crest of this wave as the best place in the world to start and grow a Fintech business.