Richard Theo, the government’s FinTech Envoy for Wales, has launched FinTech Wales, a not-for-profit independent membership organisation set up to champion the FinTech industry in Wales.

Launched today at the Innovate Finance Global Summit in London, the association brings together entrepreneurs and businesses of all sizes, as well as technology suppliers, innovators, universities and public sector bodies.

It has established a 20-strong advisory board, including representation from Welsh companies such as Credas, Confused.com, Admiral, The Principality and Capital Law.

FinTech Wales will act as a global voice and advocate, introducing the benefits to FinTech entrepreneurs and innovators of establishing a business in Wales, as well as nurturing and supporting those companies already in Wales.

Theo said: “The inauguration of FinTech Wales is the culmination of the work I have done to meet the challenge set by parliament when I was appointed as FinTech Envoy for Wales in May 2018.

“We are at an early stage in this process, but we have already held our first board meeting, with around 20 people representing FinTech companies, financial services institutions and other organisations,” he continued, adding: “We will now develop a programme of activities to support businesses and entrepreneurs who want to setup or operate in Wales.”

In March 2018, the UK government identified FinTech as a strategic opportunity for the UK, which it laid out in the Fintech Sector Strategy. As part of this, six regional envoys were appointed to ensure that the FinTech sector becomes a success story for the whole of the UK, and not just for London.

The Welsh government has helped support the initiative by appointing Gavin Powell as general secretary to lead the formation and planning of the FinTech Wales organisation.

A full launch, introducing each panel member and FinTech Wales’ strategy plan, is expected this summer.

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