7th August 2014
Today Crowd2Fund attended Chancellor George Osbourne launch Innovate Finance, an industry body backed by the City of London Corporation and Canary Wharf Group to promote the growth of the UK financial technology sector. He outlined new measures that will help stimulate this, they include an additional £100m investment in the fintech community; the chief scientific advisor to review FinTech; an investigation into ‘new’ digital currencies; and consultations to be made into 5G and on needs for future digital infrastructure.
Currently, the UK FinTech industry generates around £20 billion in revenue annually, according to a report released by Ernst Young and UK Trade and Investment. (http://www.ey.com/Publication/vwLUAssets/Landscaping_UK_Fintech/$FILE/EY-Landscaping-UK-Fintech.pdf) We are in a new era of banking and the financial world services are in a period of rapid change. This change needs to continue to grow in terms of reputation and financially. Osbourne explained that London can be made the FinTech capital of the world with the right government backing. London already has the highest density of start-ups in the world (http://www.accenture.com/Microsites/fsinsights/capital-markets-uk/Documents/Accenture-Global-Boom-in-Fintech-Investment.pdf) and the new announcement provides a lifeline to businesses who have had their funding requests denied by banks. Crowd2Fund commend the government for showing their pledge to supporting FinTech companies.
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