The government has committed to an independent review of UK FinTech, with promises of investment and support for the sector.

One of many post Budget statements explained that the review will be led by Network International chairman and Bank of England non-executive director Ron Kalifa.

New chancellor Rishi Sunak said the review will explore the support the government can provide to ensure “growth and competitiveness” in the industry.

The government will also extend funding for the Fintech Delivery Panel, as well as touring the regions and nations of the UK to showcase its diverse range of FinTech firms.

Originally announced in September 2017, the Fintech Panel helped develop the UK-wide Fintech for All competition and created a set of onboarding guidelines which were downloaded more than 25,000 times.

Eileen Burbidge, chair of the Fintech Delivery Panel, said: “FinTech has changed dramatically since the Fintech Delivery Panel was first established in 2017, with UK Fintech firms raising a record £4.1 billion in 2019.

"This announcement of extending the Fintech Delivery Panel to 2022 couldn’t be more timely, confirming the commitment of the government to support the continued growth of the FinTech and InsurTech sectors in the UK.”

Charlotte Crosswell, chief executive of Innovate Finance, welcomed the review, stating: “We are at a crucial moment in FinTech’s development, UK companies are now entering a phase of maturity that requires action to ensure that entrepreneurs can not only establish and scale their businesses in their home market, but also export their products and services internationally.

“By better understanding the needs, requirements and key focus areas for the sector, we will put ourselves in a strong position to boost the FinTech industry, and in turn support the economy as a whole – this should bring benefits not just in London and the South East, but also to those vibrant FinTech hubs across the UK.”

Rhydian Lewis, chief executive at RateSetter, commented: “The UK’s reputation for FinTech innovation across investments, payments and banking is second to none and the fintech industry is delivering greater value, utility and financial inclusion to many millions of people.

“The sector is maturing and becoming mainstream, and I warmly welcome the chancellor’s timely announcement of a strategic review to ensure that the best FinTech businesses can scale up to become major financial brands, both in the UK and internationally.”

Elsewhere in the post-Budget documents, the Treasury stated that it "looks forward to the publication of the Bank of England's discussion paper on a possible UK central bank digital currency”, adding that “the UK will continue to take a leading role in exploring digital currencies, and the wide-ranging opportunities and challenges they could bring”.

As for the cryptoassets consultation, the government said it intends to consult on a measure to bring certain cryptoassets into scope of financial promotions regulation. “The government also intends to consult later in 2020 on the broader regulatory approach to cryptoassets, including new challenges from so-called ‘stablecoins’.”

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