FinTech Scotland and FinTech Wales have released a report proposing plans for increased research and innovation to drive acceleration in fintech development across the UK.
The report, jointly authored by Gavin Powell and Johnny Mayo of FinTech Wales along with Nicola Anderson and Stephen Ingledew of FinTech Scotland, sets out several key actions:
- Challenge-led innovation programmes identified through collaborative national and regional exercises to develop new propositions through a funded research pilot programme.
- Mapping the longer term needs for fintech research in partnership with established researchers to develop support through a long-term funding portfolio.
- The development of a FinTech Innovation Institute by collaboration of UK fintech regions to lead the steering and operation of a long-term funded portfolio.
- Regional fintech contributions that leverage the local strengths and connected networks to help drive economic growth across the UK.
The proposed actions have been supported by contributions from experts across industry, regulators, research experts and academic organisations across the UK.
FinTech Scotland chief executive Nicola Anderson said: “This paper proposes a suite of purposeful and collaborative actions that can achieve success through commitment and regional contributions.”
Gerard Grech, founding chief executive of Tech Nation, said: “Fintech is a competitive strength for the UK and it’s terrific to see the regions looking to explore how a focus on innovation, and nationwide collaboration, can further increase UK fintech’s potential.
“This is exactly the kind of theme that the national connectivity stream I’m leading as part of the independent FinTech Strategic Review commissioned by the Treasury, is seeking to build upon.”
Last summer, the FinTech Strategic Review was launched and is expected to report its findings and recommendations to the Treasury in the first quarter this year.