London, UK: Prime Minister David Cameron has taken up an initiative to project and promote UK as a Global Financial Technology Hub for the world participants. On a trade mission during his South East Asian visit, Cameron strongly promoted UK’s quest of attaining the FinTech Leader status in the world map.
Companies such as Blockchain, Pennies and Earthport were amongst the 31-strong delegation hoping to capitalise on the opportunities available in the fast-growing markets of Indonesia, Singapore, Vietnam and Malaysia.
The Prime Minister’s trade mission came as FinTech membership body Innovate Finance published its new manifesto titled Innovate Finance Manifesto 2020.
Innovate Finance is an independent membership-based industry organisation that aims to advance the UK’s standing as a leader in financial technology (FinTech) innovation both domestically and abroad.
Members range from the world’s leading global corporations to the UK’s most promising FinTech start-ups who through Innovate Finance, receive a single point of access to policy makers, regulators, investors, customers, educators, talent and key commercial partners.
Global investment in FinTech-related activity has tripled in the last year from $4billion to $12billion across more than 730 deals. Projections for annual global investment in FinTech is expected to reach $46bn in 2020. It is becoming increasingly evident that FinTech and the digital revolution, that underpins the expansion of this sector, has the potential to fundamentally change the way financial services operate.
With over 120 members from across the FinTech ecosystem, Innovate Finance seeks to address some of the key issues affecting the growth of the sector, from attracting greater inward investment to helping shape the development of proportionate and effective regulation, whilst continuing to champion a truly democratic and inclusive financial services industry.
In its quest to become the leading FinTech centre, at the Summer Budget the government appointed UK’s FinTech Special Envoy. It also announced that it will undertake a FinTech benchmarking exercise in the autumn to help identify barriers to the development of the sector in the UK.