The UK Treasury has announced the FinTech Alliance, an organisation that will aim to unite the financial technology sector through bringing together “the strengths of the UK’s fintech ecosystem in one destination”.
The FinTech Alliance was unveiled by chancellor Philip Hammond at Innovate Finance Global Summit in London.
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“The FinTech Alliance – bringing together the UK’s fintech network in one easily accessible ‘digital marketplace’ – will provide access to people, firms and information, including connections to investors, policy and regulatory updates, and the ability to attract and hire candidates,” Hammond said.
A key component of the platform will be that of commerce, allowing companies to seek international investment.
It will also be used the for recruitment as well as sharing insight and news, and receiving updates on regulation and policy.
The fintech scene of the UK, and specifically London, has recently been singled out as a global hub of innovation.
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By GlobalDataThe UK has also been named the most popular investment destination in Europe, despite Brexit uncertainty.
FinTech alliance “just the start”
FinTech Alliance’s leadership will include entrepreneur, Alastair Lukies CBE as chair, and CYBG CEO, David Duffy, as ambassador.
Lukies says: “Much work has gone in over the past 10 years from government, regulators, incumbents, innovators and most importantly many regions across this great nation to create the unique alchemy that we benefit from today.
“The FinTech Alliance will not only demonstrate this thriving environment digitally, but will further cement our key role in the global FinTech ecosystem.”
“This is just the start of the FinTech Alliance journey,” Duffy adds. “It will only succeed if the UK’s fintechs embrace this platform and bring it to life.
“I look forward to working with fintechs from across the country to ensure we deliver on the potential of today’s announcement.”
FinTech Alliance has among its founding partners Big Four professional services firm PwC, financial services company First Data, and legal firm White & Case.
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