A national hub for FinTech backed by £5.5 million of UK government funding has been opened this week.
The Centre for Finance, Innovation and Technology (CFIT) aims to boost growth and innovation in the UK FinTech industry.
The government claims it will provide more jobs, cut costs for consumers and enable businesses to benefit from new technology and efficiencies.
CFIT was set up in response to a government review into UK FinTech published in 2021. Since then, the government says it has been working with regulators on measures including a visa scheme for FinTech scale ups and implementing an FCA scale box allowing the trial of new products.
There will be a range of partnerships between CFIT and experts across finance, technology, academia and policy-making announced in the coming months.
Commenting on the news Andrew Griffith, Economic Secretary to the Treasury, said: “The UK is a world-leading location for FinTech growth and investment - it’s a real British success story and one that’s spread across the whole UK.“
He added: “It’s also great to see the UK Infrastructure Bank delivering on its mission to invest in the clean energy revolution and on much needed infrastructure - using its £22 billion of taxpayers’ money to help communities across the UK.”
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