Financial technology or fintech is set to deliver a major boost to the UK’s economy, according to the government.
Speaking yesterday at the Building Societies Association annual lunch, Harriet Baldwin, MP for West Worcestershire and economic secretary to the Treasury, said: “Technology is transforming beyond recognition the way we carry out day to day tasks and I believe that financial services can do a lot more.
“Not only does financial technology or fintech make peoples lives easier and promote competition, it can also deliver a major boost to the UK’s industry.
“Our ambition is for the UK to become a leading global hub for financial innovation that’s why we’ve appointed Eileen Burbidge as the UK’s special envoy for fintech.
“In this role she will represent the UK’s interests in fintech at home and around the world and yesterday the chancellor announced the launch of our international fintech benchmarking exercise.
“This will consider the UK’s performance against other countries and identify areas of other fintech opportunities in the UK.”
FTAdviser’s parent publication the Financial Times reported on the changes on 11 November, stating that George Osborne wants London to become “the global centre for fintech”.
Its report added that the government was working with professional services firm EY to draw up a benchmark to see how London compares with international rivals for fintech innovation.
The chancellor said at the Bank of England Open Forum Conference: “The race is on, but we’re determined to win it.”
ruth.gillbe@ft.com
