UK Prime Minister David Cameron has publically supported the issuance of a fintech manifesto by industry think tank Innovate Finance which outlines a bold vision for the country to become a dominant force in financial technology investment and job creation in the years ahead.
Speaking at the UK government’s trade mission to South East Asia this week, Cameron welcomed the manifesto saying, “This government wants the UK to be the leading FinTech centre in the world, that’s why, at the summer Budget, we appointed a Special Envoy for this fast growing sector. I’m pleased that Innovate Finance’s manifesto has set such ambitious goals including the creation of 100,000 jobs. This will ensure we are a world leader in the development of financial services technologies.”
With global investment in fintech-related companies reaching $12 billion according to Goldman Sachs, the race for the new and financial focused Silicon Valley is heating up not only in Europe with multiple cities claiming to be a fintech capital but around the world and so supportive government policies and backing will go a long way in ensuring that London and the UK remain at the heart of the new age of fintech.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service, Mercator Advisory Group
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