HM Treasury launched a review into the financial technology industry of UK to identify opportunities to support further growth in the sector. The Independent Fintech Strategic Review will identify priority areas for industry, policy makers, and regulators to support the ongoing success of the UK fintech sector. The review will consider how the UK can continue to foster innovation, maintain an ecosystem that supports growing firms, and promote the integration of new technologies across financial services. The review will make recommendations addressing three objectives that involve enabling growth, widespread adoption of fintech solutions, and advancing the international reputation of UK fintech. The review will be performed independently and will report to the HM Treasury with recommendations in 2021.
The review will run five workstreams, with each workstream being led by experienced financial services and fintech professionals. Each workstream will ultimately make up to three recommendations and each recommendation will seek to advance one or more of the objectives of the review. The five workstreams are:
- Skills and Talent—The review will make recommendations for building a robust and diverse UK workforce qualified in areas relevant to emerging financial trends, through developing a domestic skills base and addressing barriers to attracting foreign talent.
- Investment—The review will make recommendations for diversifying the UK investment landscape and addressing the challenges to attracting growth funding.
- National Connectivity—The review will make recommendations for supporting the growth of regional fintech through improving intra-region connectivity and leveraging the strengths of other fintech hubs.
- Policy—The review will make recommendations for enabling and fostering wider adoption of innovation, including supporting cooperation between fintech and financial institutions, while promoting competition.
- International Attractiveness and Competitiveness—The review will make recommendations for promoting UK solutions to overseas markets and support international exports and for promoting UK as a key market to establish and grow a fintech company.
The UK has established a world-leading fintech ecosystem, largely due to strong government support, a forward-leaning approach to regulation, and access to skills and capital. The government recognizes that now is the time to build on this success; the COVID-19 crisis has shown that further work needs to be done to increase mainstream adoption of technology solutions and to enhance the resilience of UK fintech.
Keywords: Europe, UK, Banking, Fintech, Strategic Review, HM Treasury
Previous ArticleEC Authorizes Reinsurance Scheme to Support French Credit Insurance
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.
The European Council published a draft Commission Delegated Regulation to amend the regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.
The Monetary Authority of Singapore (MAS) published amendments to Notice 635, which sets out requirements that a bank in Singapore has to comply with when granting an unsecured non-card credit facility to individuals.
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),