Fintech Champions named at UK Nations
The Department for International Trade (DIT) announced the first ‘Fintech Champions’ for Scotland and Wales at a Board of Trade meeting in Wales.
Open banking company DirectID have been named Fintech Champions for Scotland. Meanwhile, provider of mobile payment solutions Yello has been selected as a Fintech Champion for Wales. The companies join previously announced Northern Ireland Fintech Champion, provider of regtech solutions, FinTru.
The news means that a ‘Champion’ has now been chosen for each nation in the UK. The ‘Fintech Champions’ scheme was introduced by DIT in 2021. Appointed fintechs will work in partnership with other industry leaders, strengthening the global position of the UK fintech hub.
Selected fintechs will also contribute to promoting worldwide expansion. Fintech Champions will also help UK businesses scale up by providing sector-specific advice on a one-to-one basis.
Andrew Bowie, the export minister explained the decision to select DirectID and Yoello for the positions. Bowie said: “Fintech is already worth billions to the UK economy. We are keen to see the industry continue to grow over the next few years.
“With these two companies joining the Fintech Champions programme, we now have the expertise to support businesses across all four nations looking to scale up their business.
“Both are industry leaders and will do a fantastic job of promoting the UK’s place as a global fintech hub.”
Building on success
Currently, the UK already owns more than 10 percent of the global market share. The fintech economy is predicted to grow to £380 billion by 2030.
The UK receives around 11 per cent of all global investment in the sector, and attracts almost half of all European investment. An estimate from Innovative finance places total investment in UK fintechs at $11.6 billion by 2021.
With the UK already placed in a strong global position, DIT aims to create more jobs and drive further investment into the sector. The Commerce Department also explained that it looks to take advantage of existing global trade links.
With an increasing number of Fintech firms exporting globally from the UK, DIT is helping the sector benefit from our global trade links, ultimately creating more jobs and driving further investment to every corner of the country.
Growing the £11bn UK fintech sector
James Varga, CEO and founder of DirectID, spoke about the news. He said: “I was incredibly humbled and excited when I was invited to help champion the export of the Fintech sector.
“DirectID now operates some of the world’s largest brands in North America, Europe and Asia.
“DirectID helps scale, increase efficiency, manage risk and create fairer outcomes for customers.
“Whether it’s working with other industry figures to promote the UK as a place to do business, or sharing knowledge of our experience in exporting to multinational organisations, I’m proud to support the growth of the UK’s £11bn fintech economy. “
Sina Yamani, CEO and founder of Yoello, gave his views on what the fintech economy in Wales has to offer. Yamani explained: “Wales is an incredible hub for Fintech in the UK, with initiatives such as Cardiff Metropolitan Region and Fintech Wales helps businesses scale and contribute to the Welsh economy by increasing employment, exports and investment.
“I am honored to support the Welsh Fintech Champion programme. I look forward to helping to accelerate the growth ambitions of businesses towards the thriving Welsh economy.
“We have seen huge growth amongst the fintech cluster thanks to the support of the UK Government and DIT. Their continued support through this program will help us to further grow the Welsh and UK economy.”
