The UK has launched the independent Fintech Strategic Review with an aim to boost the fintech sector in the kingdom, the media reported.
The review will be led by Ron Kalifa OBE, former CEO of Worldpay.
The aim of the review is to establish priority areas for industry, policymakers, and regulators to explore in order to support the ongoing success of the UK fintech sector.
Ron Kalifa told the media, “Tech-based solutions in financial services have experienced wide-scale adoption in the UK, with growth fuelled by a favourable startup environment that supports entrepreneurship and innovation. This Review will ascertain what is required to accelerate this change, to create a financial services ecosystem that is above all, sustainable, inclusive and world-leading.”
“Technology has a vital role to play in the UK’s Covid-19 economic recovery. The fintech review will ensure that we can leverage this innovative technology to help consumers and businesses, through a joined-up strategy that combines investment, skills and policy to deliver it,” he added.
According to KPMG, the UK fintech sector is valued at $48.5 billion. Despite the current Covid-19 crisis, the sector is still providing attractive investor returns on paper, particularly for early-stage investors.
KPMG’s latest report Fintech Focus points out that annual losses for fintech startups in the UK are currently in the region of £1.5 billion and that the sector could need to raise £825 million to achieve 18 months of funding runway for every firm to see out the Covid-19 pandemic.