At the 2016 Innovate Finance Global Summit, Harriett Baldwin, the Economic Secretary to the Treasury, revealed three new initiatives to be introduced to the Financial Technology (FinTech) sector, the UK will:
- Establish a FinTech and delivery support function which will set an overarching strategy for the UK and monitor and drive forward FinTech initiatives.
- Create a professional services information hub for FinTechs, allowing easier access to legal and accountancy services.
- Establish ‘FinTech Bridges’ alongside UK Trade and Investment, helping UK FinTechs to expand internationally.
The initiatives have been introduced to ensure that the UK continues to be a global centre of the FinTech market. The government will continue to work with members of the industry and TechCityUK and will be announcing more policies to support the FinTech sector in due course.