Digital platform to help fintechs go global

A government-backed initiative is to launch the first community-driven digital platform designed to stimulate growth among UK fintechs and raise the profile of the sector overseas.

First of its kind tool is the latest in a string of initiatives to grow fintechs across the UK. Picture: Contributed
First of its kind tool is the latest in a string of initiatives to grow fintechs across the UK. Picture: Contributed

The FinTech Alliance, hailed as the first “democratised” online fintech platform, aims to help those throughout the UK to connect, access education, and share insights.

Supported by the UK government, it will also focus on promoting international opportunities for networking and accessing funding, enabling the nation’s fintechs to grow globally.

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Alastair Lukies, who sits on the Prime Minister’s Business Council, is chair of the alliance, while David Duffy, chief executive of Clydesdale Bank owner CYBG and HM Treasury’s fintech envoy for England, will act as an ambassador.

Chancellor of the Exchequer Philip Hammond unveiled details of the forthcoming platform at the Innovate Finance Global Summit at London’s Guildhall today.

Ahead of its scheduled launch in June, the alliance is inviting fintech firms and professionals to sign up to the platform, share their ambitions and help to develop the roadmap.

Principal partners of the new project include commercial data and analytics company Dun & Bradstreet; software development business Endava; financial services company First Data; professional services firm PwC; payment services and Mastercard company Vocalink; and legal firm White & Case.

The announcement comes amid a number of initiatives to boost the profile of the fintech sector, including the FinTech National Network, launched in collaboration by Innovate Finance, FinTech Scotland and FinTech North.

The industry employs around 60,000 people in the UK, with year-on-year investment in the industry soaring by 154 per cent in 2017, according to a study by financial and professional services body TheCityUK.

Duffy said: “This new community-driven platform is an excellent tool for fintechs which will help stimulate much needed growth in the regions as well as in the other nations of the UK and internationally.

“I believe that it’s vital that all fintechs, whether they are based in Shoreditch, Leeds or Glasgow, have the same opportunities to fulfil their potential.

“The FinTech Alliance is just one way we can help support and nurture these important businesses.”

He said that June’s launch will be “just the start of the FinTech Alliance journey”.

Lukies added: “The UK is the leading fintech ecosystem globally. However, this is not something that has happened by chance, and certainly something we cannot be complacent about.

“The FinTech Alliance will not only demonstrate this thriving environment digitally, but will further cement our key role in the global fintech ecosystem.”