Government aims to maintain UK’s place in global FinTech industry
The UK government will not rest on its laurels and revealed three new initiatives that will mean the UK retains the crown as the global FinTech Capital of the world.
This is according to the Economic Secretary to the Treasury, Harriett Baldwin, speaking at the keynote speech at the 2016 Innovate Finance Global Summit.
The UK FinTech sector generated £6.6bn revenue in 2015 and has a workforce of over 60,000 employees, more people work in UK FinTech than in Singapore, Hong Kong and Australia combined.
The Economic Secretary announced that the UK will:
- Establish a FinTech panel and delivery support function which will set an overarching FinTech strategy for the UK and monitor and drive forward FinTech initiatives
- Create a professional services information hub for FinTechs, making it easier for them to source legal and accountancy services, and access practical and cost-effective basic services
- Alongside UK Trade and Investment will establish ‘FinTech Bridges’ with priority global markets, helping UK FinTechs to expand internationally.
FedEx helps SMEs go global
FedEx Express, a subsidiary of FedEx Corp, is helping small businesses go global by launching the FedEx Small Business Grant Contest in the United Kingdom. Giving small businesses the chance to win up to £20,000, FedEx is looking to help these companies expand and achieve their international ambitions.
Professor of Global Economy, Cranfield School of Management, Cranfield University, and FedEx Small Business Grant Contest Judge Joe Nellis said: “Many small businesses have big dreams, however it can sometimes be challenging to gain access to funding and even know where to start. The FedEx Small Business Grant Contest is providing these small businesses with the chance to boost their growth and reach the next level, helping them become the next generation of global brands.”