UK fintech center with regional ‘innovation hubs’ launched
Backed by £5.5 million in funding from the Treasury and the City of London Corporation, CFIT aims to create “time-limited ‘coalitions'” of experts across finance, technology, academia and policy-making to identify and eliminate barriers to fintech- sector’s growth, support the creation of high-income technology-based employment across the UK, and enable fintech companies to scale globally.
The center was created in response to Kalifa review of UK Fintech — a review that highlighted ways the UK can retain its place as a global fintech player.
Sir Ron Kalifa, author of Kalifa reviewsaid: “The center will be instrumental in fostering collaboration between industry, academia and policy makers, fostering innovation and turbocharging the adoption of new technologies for businesses and consumers.
“I have no doubt that it will enable the UK’s fintech sector to become more competitive and I look forward to seeing the effect it will have across the UK in the weeks, months and years to come.”
While CFIT has no physical office presence, regional economic “innovation hubs” are to be established across England, Wales, Northern Ireland and Scotland. By putting these hubs in place, CFIT hopes to “drive national connectivity by enabling cross-sector experts with a local focus to provide input on barriers to growth and ensure solutions benefit the whole of the UK.”
Nicola Anderson, Chief Executive of FinTech Scotland, commented: “The CFIT launch is an important milestone in achieving the UK’s fintech ambitions, embracing innovation across all cities and regions. The centre’s coalition approach is very much in line with the delivery of FinTech Scotland’s cluster strategy to promote fintech growth.
“We are delighted to be working with CFIT to harness the opportunities in Scotland and across the UK, which will provide further momentum in delivering our ten-year FinTech Research and Innovation Roadmap which will enable us all to harness the fintech opportunities across the UK .”
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In addition, the center plans to collaborate with UK universities by establishing placements for students at fintech firms, to develop new talent for the sector.
CFIT’s launch has been well timed. While the UK holds second place globally for most fintech investment – and is home to notable players such as Monzo, Tide and Checkout.com – UK fintech investment will fall by 8% in 2022, according to data from industry representing body Innovate Finance.
