Innovate Finance launches FinTech group

Innovate Finance, which is the industry body representing the UK financial technology sector, has launched the International FinTech Group (IFG).

The organisation said that the move aims to “strengthen the UK’s standing as a global leader in the sector”.

The first meeting of the new Group – which will include representatives from Revolut, Klarna and Checkout.com – will hold its first meeting next month.

Innovate says that the group will meet for a period of 12 months to increase collaboration across the sector.

“A year on from the Kalifa Review, important steps are being taken to further advance and strengthen the UK’s world-leading FinTech sector and implement the report’s recommendations,” said Janine Hirt, chief executive, Innovate Finance. “The international focus was a core part of the Review, and I’m delighted that we are collaborating with the DIT to bring this key initiative to life.

“The IFG will be central to the work we do to promote our UK FinTech sector internationally, with the aim to boost global cooperation and trade relations. Bringing industry and government together will help us better represent our great sector on a global scale, and cement FinTech as an important international asset for the UK.”

Its key objectives for the next year include the creation and publication of a UK FinTech Trade & Investment brand that expands on the DIT “Made in Britain” campaign; the creation of a dynamic portfolio of more than 20 UK FinTech case studies, with a focus on those that have achieved success in overseas markets; and ensuring more than 20 UK FinTechs participate in FTA calls-for-input and consultations.

“The UK is a world leader in the FinTech sector, thanks to our highly-skilled and creative workforce, fair regulatory system and ease of doing business,” said Lord Grimstone, minister for investment. “So, I welcome the formation of the International FinTech Group, which will ensure that the sector continues to have a voice overseas as we strike trade deals with countries across the world, breaking down barriers and opening up markets for our cutting-edge companies – not least in our leading FinTech sector.”

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