Following the disruption caused by the coronavirus pandemic, the UK Treasury has today announced the launch of an independent review of UK fintech, which was previously announced during Chancellor Rishi Sunak’s Budget in March.

The City of London Corporation and Innovate Finance form the secretariat for the review.

Reacting to the news, Policy Chair at the City of London Corporation Catherine McGuinness said:

“The launch of the strategic review of UK fintech is a very positive step as we look towards supporting the post-pandemic global economic recovery.

“As secretariat we look forward to working with Ron Kalifa to ensure we continue to drive forward innovation in financial services and enhance fintech's role as a key growth engine for the UK economy.

“The crisis has accelerated consumer demand for digital transformation across financial services, so this a timely opportunity to ensure that our objectives for the future as a sector match our ambition.

“It is absolutely critical that we maintain our strengths in innovation as we face the future and this review will help us do so.”

CEO of Innovate Finance, Charlotte Crosswell, said:

“Innovate Finance is delighted to be supporting this strategic review of UK fintech.

“Over the last few months we have seen exponential growth and change in the adoption of digital financial services. We are at a pivotal moment with regards to our economy and now have a unique opportunity to reflect on the success of UK fintech. We have the best in class in terms of innovation and should consider what more we can do to fully embed it within our wider financial services.

“We look forward to working with Ron Kalifa and stakeholders across the ecosystem to develop a shared blueprint for growth of the UK’s financial services sector that has technological innovation at its core.”

ENDS

Notes to editors

Fintech Review Chapter Leads are as follows:

• Sherry Coutu, Chair, SVC2UK (Skills and Talent)
• Anne Glover, Co-founder of Amadeus Capital Partners (Investment)
• Gerard Grech, CEO, Tech Nation (National Connectivity)
• Kay Swinburne, Vice Chair of Financial Services, KPMG (Policy)
• Omar Ali, Managing Partner UK Financial Services, EY (International attractiveness and competitiveness)

About the City Corporation

The City of London Corporation is the governing body of the Square Mile dedicated to a vibrant and thriving City, supporting a diverse and sustainable London within a globally-successful UK. www.cityoflondon.gov.uk

About Innovate Finance

Innovate Finance is the independent industry body that represents and advances the global fintech community in the UK. Its mission is to accelerate the UK’s leading role in the financial services sector by directly supporting the next generation of technology-led innovators.