UK’s Department for International Trade aims to boost fintech investment
International Trade Secretary Dr Liam Fox MP, who leads the Department for International Trade (DIT), is keen to attract fintech investment in the UK, and will set up a steering board and help connect companies with global investors.
The announcement of this new drive takes place during the London Tech Week, and it follows the Prime Minister’s announcement that the technology sector will create over 1,600 new jobs and receive £2.5 billion of private investment.
“The UK is a world leader in the fintech sector, thanks to our highly-skilled and creative workforce, fair regulatory system and ease of doing business,” comments Dr Fox.
He adds: “The sector has already attracted £1.8 billion worth of investment in 2017 – a 153% increase on the previous year and as an international economic department, DIT is putting technology and innovation at the heart of the UK’s global growth.”
In the UK, financial services and technology are two of the leasing industries.
DIT’s fintech steering board will include academics, industry experts, government and regulators. It will be chaired by the City of London’s Lord Mayor, Charles Bowman, and firms including Zopa, Neyber, EY, Innovate Finance and Santander, as well as regulators and academics from MIT and Oxford University.
“Fintech is something that I am hugely passionate about, with the UK home to around 1,600 fintech companies, and more than 50,000 related jobs in the Square Mile alone,” says Bowman.
