EY has produced a report that was commissioned by HM Treasury (UK) titled "UK FinTech On the cutting edge- An evaluation of the international FinTech sector".

EY has produced a report that was commissioned by HM Treasury (UK) with the objective to  compare the UK environment for FinTech against other leading FinTech hubs internationally.  The report is titled "UK FinTech On the cutting edge- An evaluation of the international FinTech sector".

 

Financial Technology – or FinTech – refers to the use of technology to provide financial services. Examples include payment services, alternative finance such as peer-to-peer platforms and digital currencies. Just as the UK is a leading financial services capital so we are also a leading FinTech capital. This report considers the UK environment for FinTech and compares it to the environment in other leading FinTech hubs (such as New York and California).
FinTech hubs are considered across four factors: access to skilled talent; investment in FinTech; government and regulatory policy; and demand.

UK Trade & Investment (UKTI) release a research report titled “Fintech – the UK’s unique environment for growth”

UKTI released a report titled “Fintech – the UK’s unique environment for growth” on 6th August 2014 to coincide with the launch of the new UK Fintech organisation Innovate Finance.

The report looks at the strengths of the UK’s Fintech sector and how overseas companies can benefit from setting up in the UK.

The full report can be viewed or downloaded here.
Fintech in the UK. The UK is a uniquely well-suited location for technology applied to financial services – Fintech. This fast-growing sector covers both: (1) Traditional Fintech (with larger incumbent technology firms supporting the financial services sector), and (2) Emergent Fintech (with small, innovative firms using new technology to bring financial services directly to consumers, often disrupting existing business models).

The UK and Ireland is now the fastest-growing region for Fintech investment (Accenture). Deal volumes here have been growing at 74 percent a year since 2008, compared with 27 percent globally and 13 percent in Silicon Valley. During the same period, the value of Fintech investment increased nearly eightfold, to US$265 million in 2013 – a rate of 51 percent a year, nearly twice the global average (26 percent), and more than twice that of Silicon Valley (23 percent).   The UK’s growing strengths in Fintech are due to: 

UK Trade & Investment (UKTI) has published a report that sets out the strengths of the UK’s fintech sector and the market opportunities for Fintech companies

The UKTI publication titled “Fintech: The UK’s Unique Environment for Growth” gives an overview of why the UK is a unique location for companies specialising in Fintech (Financial Technology).

UKTI publication suggests that the Fintech market in payments, platforms, software and data analytics is worth £20 billion to the UK annually. The research was commissioned by UKTI and carried out by EY (Ernst & Young). EY has for the first time mapped out the opportunities and strengths of the UK’s fintech sector by speaking to existing investors.  The UKTI report can be viewed / downloaded here.

The UKTI report was published to coincide with the launch of new UK Fintech industry trade body. 

Innovate Finance is a new UK industry organisation that aims to accelerate the UK’s leading position in the global financial services sector. It will support young or established technology-led financial services innovators.  

Fintech backdrop

Since 2008, the value of Fintech investment in the UK and Ireland region has increased almost 8 times to US$265 million in 2013. This makes the UK and Ireland the fastest growing regions for fintech investment globally. The UK’s strengths in fintech are due to:

• London’s position as a world leading centre for financial services 
• Edinburgh, Belfast, Leeds, Manchester, Birmingham and Cardiff all have strong financial services sectors 
• good availability of business capital 
• a supportive regulatory structure