Philip Hammond to launch UK fintech strategy

Later this week, Chancellor Philip Hammond is to reveal a new fintech strategy to support the UK’s fintech industry.

The plan is set to be announced on Thursday this week at an international conference, with the Chancellor expected to discuss how the UK’s involvement in the digital economy can be improved.

Fintech bridge

Hammond will talk about how the Financial Services Trade and Investment Board has been approached to focus on two areas that government and fintech industry could work on together to help boost the UK’s participation in the digital economy.

He is also expected to reveal details of the creation of a fintech bridge with Australia, which will be achieved by forming close links with the country’s industries, government and regulator.

The plan will also focus on blockchain technology, whilst the Treasury, the Bank of England and the Financial Conduct Authority will also be taking part in the fintech strategy by leading a new taskforce to explore the risks of cryptocurrencies.

Vital need

In addition to the fintech strategy, the industry is also being supported by financial technology association Innovate Finance and the City of London Corporation with the launch of a Fintech Strategy Group (FSG).

The new group will bring together industry experts such as banking and institutional partners and regulators to help boost innovation and help the UK to continue to dominate the sector.

FSG Chairman Iain Anderson said: “This new group will look to shape future fintech developments so the sector can continue to grow, while also addressing the vital need for skills and greater social inclusion.”