CBI campaign calls on UK businesses to adopt FinTech

The Confederation of British Industry (CBI) is launching a new campaign to get more businesses to use FinTech.

The organisation said that the future for business and government “must feature FinTech to fuel growth”.

At the launch this evening, CBI president Lord Bilimoria is expected to say that businesses need “all the support they can get” as slow post-pandemic growth and supply chain disruption is exacerbated by Russia’s invasion of Ukraine.

The UK business organisation’s economic strategy found that the UK FinTech sector has the potential to add £32 billion to the country’s revenues by 2030.

“What firms need are fair winds and following seas, with fintech featuring a flotilla of benefits, making global trade smoother, payments easier and sustainability better,” he will say later on today. “The UK’s world leading FinTech sector is ideally placed to go from strength-to-strength in supporting businesses to manage risks and reduce costs in an uncertain world.”

The CBI president is to praise the government for acting on its Kalifa review last year and say that the organisation expects to see a “continued role for ministers” in driving FinTech adoption.

Statistics from Innovate Finance show that last year $11.6 billion was invested in UK FinTech businesses, a 217 per cent increase from 2020.

“All too often many businesses think innovation is something other firms do,” ‘Winning with fintech’ aims to get more firms engaged with financial technologies to save costs, improve efficiency and go for growth,” said Ed Thurman, CBI strategic adviser on FinTech. “In challenging times, partnering to achieve these aims will be crucial for businesses of all sizes, and is a key area of focus for this work.”

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