London is world leader in financial technology, report shows
London has been named as the world’s strongest fintech hub in a report from professional services and Big Four company Deloitte and trade body Innovate Finance.
The Connecting Global Fintech Hub Review 2017 analysed 44 fintech centres worldwide on factors such as technical expertise, regulatory framework and government support, with London scoring highly in all of the areas.
The findings, which were revealed at the Innovate Finance Global Summit in London, showed that London has maintained its position as a world leader in fintech for the second year running, with the city outperforming Singapore and New York as the top location for establishing and growing a start-up in the fintech sector.
However, the report also showed that competition is rising, resulting in the City of London Corporation calling for support for the UK’s sector.
According to the report’s authors, ensuring that the sector receives continued support will be key over the next 12 months.
“With competition rising, it’s important for the UK to continue championing innovation whilst maintaining the right degree of regulation to see our fintechs thrive,” said City of London Corporation Policy Chairman, Mark Boleat.
Commenting on the future of the UK’s fintech sector, the report stated that the UK will make greater global fintech connections over the next 12 months.
“Fintech is global and UK fintech firms have global ambitions which require global capital, talent and partnerships to ensure long term success,” the report added.