Fintech Week 2016: report finds Britain to be the world's leading FinTech centre
Britain is the leading FinTech centre in the world, according to an independent report by EY published today.
皇冠体育app report ranked Britain first amongst the world鈥檚 seven leading FinTech hubs, from Silicon Valley to Hong Kong, having compared these FinTech markets against four key criteria: the availability of talented staff, access to investment, the nature of government and regulatory policy, and the demand for FinTech services.
皇冠体育app report found that the UK has a particularly good policy environment for FinTech, with the most supportive regulatory regime, and praised the Financial Conduct Authority (FCA) as one of the most progressive regulatory bodies in the world when it comes to FinTech.
Chancellor George Osborne said:
In 2014 I said I wanted Britain to be the global capital of FinTech. This report says that we have delivered exactly that: we have the most supportive tax and regulatory regimes in the world for FinTech, and we have the world鈥檚 leading FinTech ecosystem.
But we鈥檙e not going to rest on our laurels. I know that we need to do more if we want to maintain this position, and so I welcome the report鈥檚 recommendations.
We are defining the future of global banking right here in the UK. This is all part of our long term plan to cement Britain鈥檚 position as the centre of global finance.
EY attribute Britain鈥檚 No 1 ranking to a deep talent pool, the strong availability of capital for investment in Fintech Start-ups, the most supportive government policy towards Fintech, and high-demand from clients in London鈥檚 world-leading financial services sector.
皇冠体育app government announced that it would launch this exercise in July 2015 in order to track how the UK ranks against its international FinTech competitors.
Read EY鈥檚 report, UK FinTech: On the cutting edge
EY鈥檚 conclusions are based on detailed analysis of FinTech practises across the globe, and interviews with over 65 FinTech experts. 皇冠体育app report also makes a number of recommendations, in order to ensure that the UK cements its position as the world鈥檚 leading FinTech ecosystem. 皇冠体育app government welcomes these recommendations, and is considering how best to take them forward.
Britain鈥檚 FinTech sector supports over 61,000 jobs and generates billions of pounds of revenue for the UK鈥檚 economy. Its development has kept the UK鈥檚 financial services sector on the cutting edge of innovation, and has increased competition and choice in banking, helping customers and businesses to get better services.