UK industry body Innovate Finance has launched the International FinTech Group to promote the UK as a “global leader” in fintech, which it will co-chair with the Department for International Trade (DIT).
Innovate Finance said the new group has been formed as a “direct output” to the Kalifa Review of UK Fintech published in 2021.
Revolut, Klarna and Checkout.com have already joined the International FinTech Group, which will convene for 12 months to collaborate on initiatives that promote the UK fintech sector in key international markets.
Among the group’s objectives for the next 12 months are the creation and publication of a UK FinTech trade and investment “brand” that expands on the DIT “Made in Britain” campaign, as well as the creation of a “dynamic portfolio” of more than 20 UK fintech case studies, with a focus on those fintechs that have established a presence in overseas markets.
The new group, which holds its first meeting next month, will also be tasked with ensuring that more than 20 UK fintechs participate in FTA calls-for-input and consultations.
In strengthening the UK fintech sector’s standing internationally, the group also aims to develop awareness of existing and planned trade agreements, frameworks, and available support, and ensuring the benefits of these initiatives are “realised for all regions and nations of the UK”.
Janine Hirt, CEO of Innovate Finance, said: “A year on from the Kalifa Review, important steps are being taken to further advance and strengthen the UK’s world-leading fintech sector and implement the report’s recommendations.
“The international focus was a core part of the Review, and I’m delighted that we are collaborating with the DIT to bring this key initiative to life.”
She added: “The IFG will be central to the work we do to promote our UK fintech sector internationally, with the aim to boost global cooperation and trade relations. Bringing industry and government together will help us better represent our great sector on a global scale, and cement fintech as an important international asset for the UK.”
Alex Marsh, head of Klarna UK, said: “As we put the pandemic behind us, we have a unique opportunity to cement the UK’s future as the global fintech leader by embedding stronger links with fintech hubs around the world and continuing to deliver on products, services and regulation which benefit consumers, not banks.”
Checkout.com chief of staff Jess Houlgrave added that there is a “huge opportunity to make the UK the first choice for founders and a launchpad for all fintechs to go global”.