PM Cameron backs fintech manifesto that promises 100,000 jobs by 2020

UK prime minister David Cameron has backed a new manifesto for the fintech industry from Innovate Finance, which, among other things, promises 100,000 new jobs in the sector by 2020.

David Cameron has given his backing to a new manifesto from Innovate Finance, detailing how it intends to bring the UK to the forefront of the financial services technology industry.

Innovate Finance, which is the trade body for the fintech industry, wants the UK to become the most investment-friendly environment for fintech worldwide by 2020.

It aims to bring in $4 billion in venture investment and a further $4 billion in institutional investment and has set a target of creating 100,000 more jobs in the industry by attracting leading companies. Apprenticeships and degree courses will also be offered to encourage a new generation of workers to get involved in fintech.

In an article for CityAM, Innovate Finance chief executive Lawrence Wintermeyer explained the body has partnered with the Open University to launch a 50-hour introductory course to financial technology - the world's first.

The body has also promised to introduce effective regulation and be proactive on creating and amending policy, which it hopes will result in the UK being the leading destination for a minimum of 25 global leaders in the fintech sector, measured by criteria such as valuation or market share.

David Cameron, who is currently on a tour of South-East Asia to, among other things promote UK trade relations in the region, said he is "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," he remarked, adding that the government appointed a special envoy for the fintech sector in the recent budget because it "wants the UK to be the leading fintech centre in the world".

The UK is already in a strong position regarding fintech growth when compared to its European counterparts, as last year it attracted 42 per cent of all fintech investment Europe-wide, according to Tech City News. The main challenge will be drawing investment away from Silicon Valley, which attracts $2 billion in investment, compared to $1.48 billion in Europe.