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UK’s global fintech leadership bolstered by new review

Friday February 26th, 2021

The UK has more than 10 per cent of the global market share in fintech and the sector is now worth more than £11 billion a year to the UK economy.

The independent review, led by Ron Kalifa OBE, finds the UK is at a pivotal moment and presents a wide-ranging strategy and delivery model to build on its existing attractiveness to start-ups firms and become the best place for a fintech business to reach global scale.

It marks an important step in the Chancellor Rishi Sunak’s plan to make the UK the most open and dynamic place in the world to operate a financial services business. The government will now examine the recommendations and respond in due course.

The review highlights the opportunity to create highly skilled jobs across the UK, boost trade and extend a competitive edge over other leading fintech hubs. Recommendations include:

  • introducing a new ‘fintech scale up’ visa route for specialists from around the world
  • implementing a ‘scale box’ to provide regulatory support for growing firms
  • improving UK listings rules with free float reduction and dual class shares
  • creating a £1 billion-pound fintech ‘growth fund’ to help firms grow independently
  • establishing a private sector-led Centre for Finance, Innovation and Technology to support national coordination and growth in fintech across the UK

Rishi Sunak, Chancellor of the Exchequer, said:

Fintech is one of the UK’s great success stories and will help us seize new opportunities around the world.

We must now build on our global reputation for fostering innovative start-ups and ensure firms can access the talent, finance and support they need to scale up here in the UK.

This review will make an important contribution to our plan to retain the UK’s fintech crown, create more skilled jobs, and deliver better financial services for people and businesses.

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