Banks and startups are rallying behind the fintech industry in a fresh push to keep Britain ahead as a world leader in the high-flying and innovative sector after Brexit.
Several of the world’s leading banks have vowed to support fintech startups in the UK, while entrepreneurs have promised to remain here rather than moving their businesses abroad to another European city.
Barclays, HSBC, Lloyds and UBS are among more than 20 financial institutions and up and coming tech companies to have put their name to the industry drive, led by the Canary Wharf fintech hub Level39.
“Against a backdrop of market uncertainty and Brexit negotiations, now is the time to start telling a more positive story about London’s continued position as the leading fintech ecosystem in the world,” said its head Ben Brabyn.
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Treasury secretary says Hong Kong set to embrace innovation and technology to build an even stronger economy and more liveable city
Hong Kong is teaming up with British partners to boost its financial technology (fintech) sector as two deals were cut in London to strengthen the city’s role as a fintech hub in Asia.
A delegation of more than 70 participants – including top government officials and fintech industry players – were sent to London on a three-day mission that will end on Thursday to learn the experience of their British counterparts and explore areas for cooperation.
The high-profile mission, organised by the Hong Kong Cyberport and Monetary Authority, signalled a reverse from the authorities’ conservative stance towards the booming industry, as they have long been criticised for being too slow to adapt to the new business model due to its rigid regulatory approach.
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Source: South China Morning Post
This week saw the launch of Innovate Finance’s inaugural Fintech Growth Forum to support members on their journey to growth and create a dialogue to handle topics like culture, diversity and talent. With Liz Lumley as moderator and a welcome address from new CEO Charlotte Crosswell, the day brought issues that affect companies that are trying to grow in the financial technology sector to the surface.
Crosswell highlighted that his forum will enable communication and the sharing of experiences which needs to be done because financial services are so important to the United Kingdom. She also commented on the then Chancellor of the Exchequer George Osborne’s want for London to become ‘the global center for fintech’ as the UK capital is good at both ‘fin and tech’.
‘With or without Brexit, London is carrying on with innovation and the city is a blueprint for fintech and people come from far and wide to see how to do fintech,’ Crosswell said. She also mentioned how the ambition of fintech firms was displayed in the most recent Ernst and Young report, but an obstacle is found in the search for talent as the industry can only thrive with the best and the brightest.
Innovate Finance backs the UK government’s digital strategy, including the addition of coding into the national curriculum and heighten the awareness of innovation to the masses in order to cut out the skepticism surrounding fintech. The not-for-profit organization’s move to its new Broadgate location distances from the financial hub of Canary Wharf and closer to the tech landscape that the Silicon Roundabout boasts, as Crosswell spoke about.
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LONDON – Former Barclays CEO Antony Jenkins has raised £34 million ($46 million) for his fintech startup 10X Future Technologies.
The Series A funding round was led by Chinese firm Ping An Insurance and consulting firm Oliver Wyman.
London-based 10X, which went public last October, will help banks and financial institutions modernize their back office technology.
Original found on: Steemit