The UK fintech sector contributes nearly £7 billion annually to the UK economy and employs over 60,000 people across 1,600 companies. And every day companies like our own are developing and rolling out products and services which have the power to transform the everyday lives of millions of people, in a host of different ways, from medical interventions to financial security and new ways of banking.
So I am delighted that Philip Hammond has the fintech community firmly on his Treasury agenda with his launch today of the UK’s first Fintech Sector Strategy at the government’s second International Fintech Conference.
Hammond was unequivocal about the UK-wide importance of fintech, saying: “So let me restate my commitment and determination to ensure Britain remains the best place in the world to set up and grow a Fintech business.” And Hammond looked to the future: “And we will keep working to support you – and ensure Britain remains the best place in the world for fintech. First, we are committed to building the most pro-growth and pro-innovation regulatory environment in the world for fintech.”
A Vision For Fintech
This is all great news for the fintech sector, but I was particularly encouraged to see that Hammond’s strategy drilled right down to key, practical measures such as creating a set of industry standards which will enable fintech firms to more easily partner with established financial providers. And it was also good to hear him talk about facilitating banks to offer new services and helping fintechs to find a ready market for their products.
This was all very encouraging and I loved his vision of fintech being responsible for building “stronger, fairer, faster financial services that serve the common interest of all the peoples of this interconnected planet.”
Strong words and encouraging words as Castlight continues to partner with banks and brokers to deliver our Affordability Passport do exactly that – to create a safer financial world.
Today I feel thrilled that Philip Hammond believes in the transforming power of good fintech, that he believes that fintech is the future of global finance and that he is a enthusiastic proponent of the need for us to work together to reach that future faster.
I am certainly encouraged. But Hammond’s speech today has also made me feel very proud to be part of the UK’s flourishing fintech community and excited about what we are going to do next!