UKTI publication suggests that the Fintech market in payments, platforms, software and data analytics is worth £20 billion to the UK annually. The research was commissioned by UKTI and carried out by EY (Ernst & Young). EY has for the first time mapped out the opportunities and strengths of the UK’s fintech sector by speaking to existing investors. The UKTI report can be viewed / downloaded here.
The UKTI report was published to coincide with the launch of new UK Fintech industry trade body.
Innovate Finance is a new UK industry organisation that aims to accelerate the UK’s leading position in the global financial services sector. It will support young or established technology-led financial services innovators.
Fintech backdrop
Since 2008, the value of Fintech investment in the UK and Ireland region has increased almost 8 times to US$265 million in 2013. This makes the UK and Ireland the fastest growing regions for fintech investment globally. The UK’s strengths in fintech are due to:
- London’s position as a world leading centre for financial services
- Edinburgh, Belfast, Leeds, Manchester, Birmingham and Cardiff all have strong financial services sectors
- good availability of business capital
- a supportive regulatory structure
There are big opportunities for overseas companies looking to invest in the UK’s growing Fintech industry. This includes setting up business operations in the UK. About 1.1 million people work in financial services in the UK, with two thirds of those employed outside London. Overseas companies investing in the UK will be able to find highly qualified and experienced staff. A wide range of financial support is also available for fintech businesses in the UK. Start-ups or early stage companies can also benefit from setting up in the UK. Tech City (London) attracted more than 15,000 new companies in the year to April 2013
Source : http://uk.gov
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