UK chancellor of the exchequer, Philip Hammond, believes that the FinTech revolution will “transform the way we live and do business”, providing consumers with “better services, more choice, and lower costs”.

Speaking at the inaugural International FinTech Conference in London, Hammond stated that FinTech has the potential to fundamentally transform the structure of the global economy.

Businesses will have access to new and cheaper credit, he said, as digitally-enabled disintermediation links savers and businesses directly. Peer-to-peer lending, crowdfunding, new regulation apps and innovative smart lenders all have the potential to dramatically cut costs.

He said: “This market is growing at a tremendous pace, and with hundreds of millions of people worldwide entering the digital financial system every year that growth shows no sign of abating.

“Over the last few months, I have visited Barclay’s FinTech accelerators in Cape Town and in Mumbai, and seen the impressive successes they are achieving. So, I am delighted to announce today that next month Barclays will open its new flagship, ‘London Rise’ – the largest FinTech accelerator of its kind in Europe, offering over 500 workspaces for start-up innovators.”

Hammond also noted the work of the Financial Conduct Authority and the Bank of England, which have achieved success through their respective accelerator programmes, giving companies the chance to work on innovative central banking solutions.

Hammond concluded: “If the UK is going to make the most of the freedoms it will have after leaving the European Union, we have to build trade links with the fast-growing economies of Asia, we have to invest in the skills of the future, and our economy must remain at the cutting edge.”

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