12 December 2017
visit www.avoka.com

UK government promises money for fintech specialists

23 November 2016  |  11284 views  |  0 London - Big Ben

The UK government has promised to pump £500,000 a year into financial technology specialists and launch a network of regional fintech envoys as it seeks to shore up the country's position as a leading sector player in the post-Brexit era.

The funds will come from the Department of International Trade, Chancellor of the Exchequer Philip Hammond revealed in his Autumn Statement.

The government has also commissioned an annual 'State of UK Fintech' report on key metrics for investors and has agreed with the Joint Money Laundering Steering Group that they will modernise their guidance on electronic ID verification to support the use of technology to access financial services.

Hammond's predecessor, George Osborne, repeatedly expressed his desire to help make the UK the world's fintech capital but London's pre-eminent position has been shaken in the wake of Brexit and the rise of Asian powerhouses, particularly China.

Just last week, Innovate Finance released figures showing UK VC investment for fintech firms decreased by 26% in Q3 2016 to $532 million and is approximately half of the total 2015 investment of $1.1 billion.

Another Autumn Statement measure that could help the UK fintech sector is the decision to invest, through the British Business Bank, an additional £400 million in venture capital funds that will make its way to "innovative" firms, such as those looking to shake up financial services, to help them scale up.

While welcoming the measures, Innovate Finance CEO Lawrence Wintermeyer notes that the statement is "light on light on measures that will address future visa settlement. The continued success of our FinTech sector depends on the ability for the UK to attract global talent and to develop local skills."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Brexit depression casts dark cloud over UK fintech investment

Brexit depression casts dark cloud over UK fintech investment

16 November 2016  |  8369 views  |  1 comments | 19 tweets | 11 linkedin
Brexit poll paints confused picture for London's prospects

Brexit poll paints confused picture for London's prospects

02 November 2016  |  6133 views  |  0 comments | 4 tweets | 6 linkedin
Paris urges City staff to 'join the frogs'

Paris urges City staff to 'join the frogs'

18 October 2016  |  5636 views  |  5 comments | 7 tweets | 10 linkedin
Brexit-scarred London fintech startups enquire about moving to Berlin

Brexit-scarred London fintech startups enquire about moving to Berlin

18 July 2016  |  12354 views  |  2 comments | 18 tweets | 17 linkedin
UK Government maps out fintech strategy; FCA takes wraps off startup sandbox

UK Government maps out fintech strategy; FCA takes wraps off startup sandbox

11 April 2016  |  10107 views  |  0 comments | 12 tweets | 22 linkedin
Osborne pushes London's fintech credentials

Osborne pushes London's fintech credentials

11 November 2015  |  8516 views  |  0 comments | 18 tweets | 8 linkedin
Immigration clampdown could harm UK's digital economy, warn fintech start-ups

Immigration clampdown could harm UK's digital economy, warn fintech start-ups

29 October 2015  |  5148 views  |  0 comments | 11 tweets | 2 linkedin
UK government invests £10m in distributed ledger technology research

UK government invests £10m in distributed ledger technology research

14 October 2015  |  13261 views  |  0 comments | 29 tweets | 14 linkedin
Government report sets out plan to make UK world's fintech capital

Government report sets out plan to make UK world's fintech capital

18 March 2015  |  13195 views  |  0 comments | 26 tweets | 20 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.solutions.lexisnexis.comvisit http://info.nice.comvisit www.atos.net

Top topics

Most viewed Most shared
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
11741 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
8536 views comments | 15 tweets | 21 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
7023 views comments | 8 tweets | 17 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
6629 views comments | 19 tweets | 11 linkedin
Brits flock to digital-only banksBrits flock to digital-only banks
6313 views 11 comments | 11 tweets | 12 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job