The Treasury has relaunched a review into the UK’s financial technology industry in a bid to support further growth in the sector.

As previously announced in the Budget, the FinTech strategic review will be led by Ron Kalifa, a former chief executive of Worldpay, establishing priority areas for industry, policymakers and regulators to explore in order to support the ongoing success of the sector.

UK FinTech attracted £4.1 billion in venture capital in 2019, and the market has been estimated to have grown by nearly 70 per cent since 2015. Overall, the sector is estimated to be worth around £7 billion to the economy and employs around 60,000 people in the UK.

Announcing the review, economic secretary to the Treasury John Glen said it would help to ensure that conditions are right for the widespread adoption of financial technology, and that the UK’s global reputation for innovation is maintained and advanced.

“The UK is one of the leading places in the world to start and grow a FinTech firm, and I am determined to ensure this continues," Glen stated. "The sector is worth around £7 billion to our economy and will therefore be vital in ensuring both that the country bounces back post-Coronavirus, and continues to be at the forefront of financial innovation now we have left the EU," he said.

“This independent review will help us to uphold and enhance our global reputation, support growing firms, and promote the integration of new technologies across financial services to the benefit of businesses and their customers.”

The first meeting of the review governance board took place today, attended by Glen.

Kalifa, as chair of the review, will be assisted by the secretariat led by Innovate Finance and City of London Corporation.

Five work-streams will provide recommendations on skills and talent, investment, national connectivity, policy, and international attractiveness. The review will be independent and is expected to report back to the Treasury at the start of next year.

Kalifa said: “Tech based solutions in financial services have experienced wide scale adoption in the UK, with growth fuelled by a favourable startup environment that supports entrepreneurship and innovation.

“This review will ascertain what is required to accelerate this change, to create a financial services ecosystem that is above all, sustainable, inclusive and world leading.”

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