UK government backs a ‘FinTech Alliance’
Chancellor of the Exchequer Philip Hammond has announced the FinTech Alliance, an organisation designed to bring together the UK’s and the global FinTech sectors through one online platform.
Announced by the Treasury and in partnership with the Department of International Trade (DIT), FinTech Alliance aims to provide a community-led platform to provide education and opportunity in FinTech. Users will be able to access and share insight and news, connect with investors, receive updates on the latest policy and regulatory changes, and recruit.
The platform also aims to attract international investment, FinTech firms and talent to the UK, as well as to act as a platform for UK firms to expand onto the global stage.
The Chancellor announced the forthcoming launch while speaking at the Innovate Finance Global Summit at the Guildhall in London. At this stage, FinTech Alliance is inviting the community to sign up on the platform, to share ambitions and help develop the roadmap, ahead of the official launch in just over a month.
FinTech Alliance is already supported by commercial data and analytics company, Dun & Bradstreet; software development business, Endava; financial services company, First Data; professional services firm PwC; payment services and Mastercard company, Vocalink; and legal firm White & Case.
Alastair Lukies CBE, Member of the Prime Ministers Business Council and Chair of FinTech Alliance, said: “The UK is the leading FinTech ecosystem globally. However, this is not something that has happened by chance, and certainly something we cannot be complacent about.
“Much work has gone in over the past 10 years from government, regulators, incumbents, innovators and most importantly many regions across this great nation to create the unique alchemy that we benefit from today. The FinTech Alliance will not only demonstrate this thriving environment digitally but will further cement our key role in the global FinTech ecosystem.”
Individuals will be able to register for free and businesses will have to pay a monthly subscription or annual fee for a presence on the platform. The profits made by FinTech Alliance will be used to drive further initiatives and support pre-existing organisations in the UK FinTech community.