The UK government is to conduct an independent review of the UK FinTech sector, with a view to enhancing investment and support. The review is to be led by Bank of England non-executive director Ron Kalifa.
In Wednesday’s Budget announcement, Chancellor of the Exchequer, Rishi Sunak, said the review would foster growth and competitiveness in the industry.
As part of a package of measures, the government has committed to extending funding for the FinTech Delivery Panel.
In a media statement responding to the announcement, Charlotte Crosswell, chief executive officer of Innovate Finance, said she welcomed the decision to conduct the review.
“We are confident that this timely and important review will underpin the future growth and prosperity of the sector across the whole of the UK,” she explained. “The last decade has seen FinTech emerge as one of the most important parts of our economy.”
“It is attracting record levels of investment and as a result helping to bring new services, increased choice and value in the market and more jobs to the UK.”
Ms Crosswell added that the UK was not at a ‘crucial moment’ in the sector’s development.
“UK companies are now entering a phase of maturity that requires action to ensure that entrepreneurs can not only establish and scale their business in their home market, but export their products and services internationally.
“By better understanding the needs, requirements and key focus areas for the sector, we will put ourselves in a strong position to boost the FinTech industry and support the economy as a whole.”
In the post Budget documents, released after Mr Sunak’s speech, the government outlined plans for a consultation on the appeal of a UK central bank digital currency.
In addition, the government will be consulting on measures to incorporate crypto assets into existing financial promotions regulations, later in 2020.
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