Government to provide support for UK’s FinTech businesses

The UK Government has unveiled plans to support financial technology businesses as part of a scheme to make the UK the “FinTech capital of the world.”

UK Treasury Economic Secretary Harriet Baldwin announced that three initiatives will be launched to provide support for businesses in the industry.

Professional

The schemes include establishing a FinTech panel and launching a professional services hub to help start-ups and small businesses in the field access legal and accountancy services.

The Government will also be creating a new organisation called “FinTech Bridges”, which will work with UK Trade and Investment (UKTI) to help FinTech businesses achieve growth overseas.

In addition to these initiatives, the Government will be working with companies such as TechCityUK to provide support to the FinTech sector.

Committed

Speaking about the plans, Baldwin said: “The Government wants to ensure that the UK continues to be the best place in the world to be a FinTech company.”

She added that the measures announced “show that we are not resting on our laurels”, and that the Government is committed to initiatives that will make the UK’s FinTech sector stronger.

A recent report on the FinTech sector by EY named the UK as the top location for FinTech companies to achieve success, placing it over New York, California and Singapore.

EY partner and FinTech lead Imran Gulamhuseinwala said that the announcement of the new initiatives from the UK Treasury is “an important show of support by the Government for the UK FinTech industry.”