Today a new report, 'The Value of Fintech', was published by the City of London/KPMG. It analyses the implications in terms of value to the UK of a strong fintech sector. The report examines the key drivers of growth, fintech focus areas, implications for fintech for consumers, government, regulators and the industry. It goes on to look at the contribution fintech can make in improving financial inclusion, security and compliance, enhancing customer experience and increasing transparency.
The key recommendation is in support of a sector deal for fintech that reinforces the UK’s position as a global hub for this industry and for innovative fintech businesses. The report recognises that government can support the ecosystem for fintech by enabling innovation in regulation, availability of capital, infrastructure, and talent. Fintech must also demonstrate how it benefits society through the development of our skills pipeline - through training or apprenticeships – and how it can encourage greater financial inclusion, regional growth, and stimulate interoperability with financial services businesses.
The Chair of Policy at City of London, Catherine McGuiness, said that the aim is to 'develop a single policy vision for fintech, coordinate open standards, enhance regional engage;ent and support talent development and greater access to capital for fintech businesses.'
The full text can be downloaded here.