FinTech Wales has started working on a 10-year roadmap for the sector, after securing £250,000 in seed funding from Cardiff Capital Region.

FinTech Wales is seeking the help of more than 150 companies from across the nation who play a role in the Welsh FinTech environment to help plot the roadmap. It will define the next decade of technology and skills development needs to secure, grow, and innovate.

The funding from Cardiff Capital Region will enable its vision of making Wales a global player in the FinTech and financial services sector. Specifically it will allow a nine-month programme of essential work to be undertaken to establish and evidence the building blocks required to grow the FinTech sector’s sustainability in Wales.

Gavin Powell, general secretary of FinTech Wales, commented: “As a not-for-profit membership organisation, we are thrilled that Cardiff Capital Region has awarded us this funding, allowing us to further support our members, as well as helping us plot an environment where FinTech and financial services businesses have a secure foundation in Wales.”

Kellie Beirne, director of CR City Deal, said: “The FinTech sector has a significant role to play in helping the economic recovery from COVID-19, not just in financial services, but also in its ability to make a transformational contribution to other sectors and initiatives such as net zero carbon, green economy, energy and transport.

“This allocation represents the largest seed funding award provided by the CCR to date and evidences the importance of the sector within our economic and industrial plan - it also bears testament to the commitment of FinTech Wales and its corporate members to push forwards with developments that will be transformative for Wales and the region.”

FinTech Wales is now calling upon businesses across Wales to engage in the development of the roadmap and help identify the requirement of future skills, likely market disruptors and changes that need to be made to make Wales a proactive and innovative business environment that generates growth.

Minister for economy, transport and North Wales Ken Skates said: “The publication of the FinTech roadmap is the latest milestone on the journey to creating a financial and professional services environment in Wales with a reputation for excellence and a growing pool of talent.

“The tech sector is hugely important to Wales, with employment in it soaring by more than 120 per cent in recent years and will be even more so as we recover from the impacts of Coronavirus - our flourishing FinTech ecosystem is central to this."

Founded in 2019, FinTech Wales aims to develop the environment to help FinTech companies’ start up or scale up in Wales and aims to establish the country as a rapidly-emerging pillar of the global FinTech economy.

The association has established an advisory board of 20 people - including representation from Welsh companies such as Credas, Confused.com, Admiral, The Principality and Capital Law.

Share Story: