Innovate Finance Releases Goals to Make UK a Global FinTech Leader
Innovate Finance, a body that represents UK’s FinTech community has released the UK FinTech 2020 Manifesto which contain a set of goals to make the UK a global leader in financial technology.
These goals require the UK to invest as much as $8 billion in financial technology during the following four years and create as many as 100,000 jobs in the financial sector.
Welcoming this manifesto, Prime Minister David Cameron said:
This government wants the UK to be the leading FinTech center in the world, that’s why, at the Summer Budget, we appointed a Special Envoy for this fast growing sector.
Expressing his appreciation of the manifesto for setting ambitious goals such as the generation of 100,000 jobs, he said that this will make sure that UK maintains its position as “a world leader in the development of financial services technologies.”
Besides directly employing 135,000 people, financial technology contributes GDP of £20 billion to the country’s economy.
Innovate Finance’s manifesto, which includes the organization’s visions for 2020, is meant to provide the UK with goals of attracting $4 billion in venture investments and $4 billion in institutional investments in accelerators, corporate venture funds, and innovation programs.
Another goal is to create 100,000 additional jobs FinTech jobs while simultaneously creating new degree courses and FinTech apprenticeships to create a workforce skilled enough to handle these jobs and make the country one of the leading FinTech hubs in the world.
Justin Fitzpatrick, Innovative Finance’s non-executive director, said:
It is important that the UK continues to maintain an open environment for skilled immigrants, and the UK has always been an attractive place for global talent. This state of affairs needs to be maintained to not only boost economy, but also up-skill the next generation of FinTech workers in the country.
He also said that stem subjects in schools should continue to receive support as most FinTech jobs require mathematical, quantitative, and computer skills.
Revealing information about Innovate Finance, he said that the organization was established just a year back and has 120 members, ranging from start-ups to large banks, at present. These members provide the financial support the organization requires.
The UK is the FinTech investment leader in Europe as it took 42% of the total FinTech investment in Europe last year. FinTech investment in the UK grew by 136% last year. It was $264 million in 2013 and grew to $623 million in 2014.
