Fintech is now the firepower of innovation in the City.
Such innovation has driven a complete rethink in how firms, governments, and consumers across the world think about finance.
From streamlining capital markets, to debunking traditional insurance practices and offering completely new ways to bank, the UK sector has it all.
In the context of Brexit, this is a big plus for a global Britain.
However, as the march of rival fintech hubs from Europe and Asia continues, and with the challenges and opportunities presented by Brexit, the UK sector cannot afford to rest on its laurels.
Next week’s Innovate Finance Global Summit (IFGS), now in its fourth year, is a focal point for innovators to discuss the opportunities, challenges, and most importantly the new ideas for the fintech sector.
The IFGS has an undoubtable convening power, but to truly harness the sector’s ambition and compel policymakers to continue the drumbeat of pro-fintech policy, we need more than just an annual event and a designated “fintech week”.
Our ambitious innovators must be matched by equally ambitious policymakers. We need the government to leverage the UK’s innovative zeal in a much better way.
The previous chancellor, George Osborne, was known for his demands of “more fintech” in the run-up to every Budget. However, more recently, it seems the undertakings of Brexit have diverted attention, leaving many to question this government’s commitment.
The good news is that 2018 sees a renewed momentum.