As UK Fintech Week kicks off, Innovate Finance, FinTech Scotland and FinTech North have formed a national network designed to encourage innovators up and down the country to connect and form multiple fintech hubs and centres of excellence.
The UK has long been a fintech giant, with the industry pulling in over $3.3 billion of investment last year, behind only China and the US. While London has dominated the sector, in recent years FinTech Scotland and FinTech North have been established to champion hubs outside of the capital.
Now, these two organisations have joined force with London-based national industry body Innovate Finance to help widen fintech's reach even further.
The new FinTech National Network will work to foster collaboration between the hubs and amplify their collective message. The network will focus on mutually beneficial initiatives, such as skills and talent, capital and investment and diversity.
Chris Sier, chairman, FinTech North and HM Treasury FinTech Envoy, says: "As the fintech sector continues to develop at pace outside of London, it is really encouraging to see Innovate Finance taking more proactive steps to engage on a truly national basis.
"London’s role in the global fintech economy is a significant one, but I strongly feel the regional cities of the UK have much to offer on a national and international basis, even more so if they can collaborate with each other via initiatives like the FinTech National Network."
The network announcement as a week-long series of nationwide events gets underway to "celebrate the innovation, openness and collaboration that have made the UK a world-leading fintech hub". The Chancellor Philip Hammond and Governor of the Bank of England Mark Carney will deliver keynote speeches.
As Brexit looms, the week will focus on how the UK seeks to ensure it remains an "investment friendly environment for fintech, that it continues to attract and retain a diverse and global pool of talent, that it is promoted as the home of progressive regulation and guaranteeing that UK fintech continues to contribute to global social betterment."
Meanwhile, Wales is getting its own fintech membership organisation to advocate for the sector. FinTech Wales has an advisory board of 20 people, people including representation from Welsh companies such as Credas, Confused.com, Admiral, The Principality and Capital Law.