The first three months of this year saw record investment in UK financial technology (FinTech) firms. To further the growth of the FinTech sector, the UK Government has announced exciting new plans to support companies in scaling up to ensure that the UK remains at the forefront of digital finance worldwide.
Chancellor Rishi Sunak kicked off FinTech Week on 19 April 2021 by setting out new proposals to further develop and maintain the UK’s leading reputation in the sector. The proposals include everything from regulatory support and reforms to help firms’ continued growth and expansion, to the creation of a new taskforce that will lead the country’s work on a central bank digital currency.
The need for an underlying government-led infrastructure to support and crucially, encourage start-up innovation within the FinTech space could not be more urgent – making this announcement a potential key to greatly enhancing and building on what is already set to dominate the future payment technology market.
Ensuring the UK is a key component of this progressive approach is also key to the government push, so ensuring that this is fully committed to moving forward is essential.
About the author(s)
Ian Mason has more than 20 years' experience as a financial services regulatory lawyer providing advice on a broad range of matters, including FCA/PRA authorisation, supervision and enforcement.