FinTech Scotland and FinTech Wales have proposed increased research and innovation (R&I) to accelerate FinTech development across the UK and support national, regional and job growth.

The report, Research and Innovation for UK FinTech, provides recommendations to increase the pace of R&I.

These include creating challenge-led innovation programmes to create new propositions and mapping the longer-term needs for FinTech R&I in partnership with established researchers,.

It also covers developing a FinTech Innovation Institute via a collaboration of UK FinTech regions and suggests regional FinTechs make contributions that use their local strengths and networks.

The actions have been supported by UK regulators, researchers and academic organisations.

Nicola Anderson, chief executive officer at FinTech Scotland, said: “We know from experience that FinTech across the UK offers real potential for economic growth, future employment, and greater financial inclusion."

She added: “This paper proposes a suite of purposeful and collaborative actions that can achieve success through commitment and regional contributions.

“The paper is just the start and we’re looking forward to continuing this work with fellow FinTech leadership colleagues and teams across the UK.”

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