FinTech Awards Wales – Exclusive Interview: Vaughan Gething, Minister for the Economy

Matt Hyde, Director of FinTech Awards Wales meets:

Vaughan Gething,

Minister for the Economy in the Welsh Government

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As part of our new interview series, Matt Hyde, Director of Recruit121 and FinTech Awards Wales, talks to professionals in Wales’ thriving FinTech sector. This week Matt caught up with Vaughan Gething, Welsh Government Minister for the Economy.

Tell us about your main focus at the Welsh Government

My focus is to create a stronger, fairer and greener Welsh economy. It involves working with the private sector to create good, well-paid jobs, ensure that people have the skills they need to get ahead in life and ensure that companies have the skilled talent they need to succeed. It also means helping people start their own businesses, supporting companies to grow and thrive and ensuring we attract inward investors to make their future part of our future here in Wales.

Overall, my department covers a wide range of responsibilities – from economic development, skills and apprenticeships, tourism and major events and digital, to sport, heritage and culture. These responsibilities include leading the Trade and Invest work of the Welsh Government and, importantly, in relation to these awards, driving forward the Export Action Plan for Wales. I am committed to ensuring that we do everything in our power to help Welsh companies sell their goods and services in global markets.

What impact do you feel the FinTech Awards Wales are making in the FinTech sector in Wales?

It’s great to see how the Welsh FinTech sector is quickly becoming one of the UK’s leading Fintech ecosystems.

Having met delegates on the Welsh Government trade mission to the UAE earlier this year, I saw first-hand the work of Fintech Wales and the quality of Fintech companies operating in Wales looking to export worldwide.

The awards contribute to this by helping to raise the profile of Wales’ financial sector. I also think they play an important role in creating a platform where we can celebrate success. I believe success breeds success and it is truly inspiring and encouraging to see Welsh businesses, especially our start-ups, achieving so much on the world stage.

Why have you chosen to support the awards and especially the award for exporter of the year?

The Welsh Government is committed to being a globally responsible nation. We have always been an outward-looking nation, and recognize the important role that exports play in this regard. Our Export Action Plan for Wales sets out our approach to increasing Welsh exports and embedding a culture of international trade in Wales.

A key component of the plan focuses on encouraging exporters, which is why we have chosen to sponsor the FinTech Exporter of the Year award. We wanted to highlight the value of exports, not just to Wales’ economy, but to the companies themselves.

Exporting is a fantastic way to grow a business and so many of our FinTech companies in Wales have the potential to take their products and services to the global marketplace. The Exporter of the Year award allows us to shine a spotlight on some of our Welsh companies who are making it, and hopefully inspire others to start their export journey.

How do you feel the Welsh economy has fared post-Covid and what predictions do you have for the next 12 months?

The Welsh Government worked tirelessly to support businesses across Wales to survive the impact of Covid. We continue to support Welsh businesses to grow and thrive. It is clear that the ongoing fallout from the UK’s exit from the EU, the conflict in Ukraine, the cost of living crisis and the economic shocks caused by the UK government’s recent “mini budget” are raising serious concerns for businesses. However, the Welsh Government is doing everything we can, using the powers and other resources available to us, to support Wales through these difficult times.

What is the Welsh Government doing today to support FinTech in the future?

Our support of the Tech Export Cluster is just one example of how my department is growing the Welsh FinTech sector with dedicated support. Elsewhere, we focus on important aspects such as attracting international FinTechs to strengthen our ecosystem, create new opportunities and bring in new expertise and expand capacity. We are also looking at how we can ensure Wales has the skills to meet these new challenges. Key to all this is our partnership with stakeholders, particularly FinTech Wales.

Finally, what is the best advice you have received and what advice would you give?

The best personal advice I received was to make time for my son while he was young – “he’ll only be this young once and you should enjoy it. It means you have to say no to some people in order to spend time with him and your wife.” The best ministerial advice I got was that I should prioritize and make sure I have the space and time to assess whether I achieve them. There is so much activity to work through that you can get lost and not prioritize at all. Being able to decide what success looks like and having a sense of priorities is not only important for ministers. It matters in most parts of life.