Department for International Trade launches FinTech investment drive

Britain’s Trade Secretary Dr Liam Fox MP is to boost the UK’s FinTech sector by launching a FinTech investment drive.

The Department for International Trade (DIT) will be setting up a FinTech steering board as part of the initiative, which was announced at the end of London Tech Week.

New jobs

News of the FinTech drive comes after Prime Minister Theresa May announced a £2.3bn investment into the technology sector, which could help to create over 1,600 new jobs.

A number of financial firms will be part of the DIT’s FinTech steering board, including Santander, Big Four accountancy firm EY, and financial technology membership body Innovate Finance. The board will enable industry experts, academics, government and regulators to come together to boost investment in the FinTech sector. The board will assemble four times a year, with the first meeting being held last week during London Tech Week.

In 2017, the UK FinTech sector attracted £1.8bn in investment, up by 150% from the previous year, while the number of businesses in the sector stands at 1,600.

Hugely passionate

Lord Mayor of the City of London and DIT’s FinTech Board Chair Charles Bowman commented: “The UK is home to around 1,600 FinTech companies and more than 50,000 related jobs in the Square Mile alone, so it’s something I am hugely passionate about.”

News of the FinTech drive was welcomed by Worldpay’s Founder Nick Ogden, who stated that the DIT should look first to the EU, despite the ongoing uncertainties over the UK’s departure from the EU.