UK launches new FinTech Innovation Centre
A new body led by the private sector has been launched in the UK to nurture the country’s FinTech ecosystem.
The Center for Finance, Innovation and Technology (CFIT) announced in a press release on Tuesday (November 8) that Charlotte Crosswell, who will soon step down as head of the Open Banking Implementation Entity (OBIE), will lead the new organisation. 4 January 2023.
Following a review commissioned by the UK government to examine how best to support the country’s FinTech sector, Sir Ron Kalifa published its findings last year, which included the creation of the CFIT as one of its recommendations.
The center will bring together experts in finance and technology from across the UK to support FinTech businesses and promote innovation in the sector, the release said.
To fund the new organisation, the Treasury committed £5 million (about $6 million) in seed funding, and the City of London Corporation is contributing a further £500,000 (about $592,000). Ultimately, CFIT will be a self-financing private sector-led body with no need for additional government investment, according to the release.
Throughout 2022, a steering committee chaired by Kalifa has worked with stakeholders from across the FinTech ecosystem to develop proposals for CFIT’s priorities, goals and operational requirements, the release said.
In the coming months, the center’s executive management will evaluate the proposals and prepare a work program to begin in 2023, according to the release.
“FinTech is a great British success story, with UK-based firms creating well-paid jobs around the country, improving access to financial services for people and small businesses, and selling British innovation around the world,” said Finance Minister Andrew. Griffith in the publication. “The government is focused on creating an environment where FinTechs can continue to thrive. Under Charlotte’s leadership, CFIT will enable the sector to maximize opportunities and break down barriers to growth.”
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