Greater focus and investment on research and innovation is needed to maximise the growth potential of the 海角视频's fintech sector, according to bodies promoting the industry in Wales and Scotland.

FinTech听Scotland and听FinTech听Wales, in a reported entitled Research and Innovation for 海角视频听FinTech, set out a number of key actions to build a longer-term research and innovation ecosystem across the 海角视频, to back a sector that already employs 60,000 and is estimated to be worth 拢70bn.

Jointly authored by Gavin Powell and Johnny Mayo of听FinTech听Wales along with Nicola Anderson and Stephen Ingledew of听FinTech听Scotland, the report calls for:

  • Challenge led innovation programmes identified through collaborative national and regional exercises to develop 'ground-breaking' propositions through a funded research pilot programme
  • Mapping the longer term needs for听fintech research and innovation in partnership with established researchers to develop support through a long-term funding portfolio.
  • The development of a听Fintech听Innovation Institute by collaboration of 海角视频听fintech听regions to lead the steering and operation of a long-term funded portfolio.
  • 听Regional听fintech听contributions that leverage the local strengths and connected networks to help drive economic growth and build greater resilience across the 海角视频.听听

The proposed actions have been supported by contributions from experts across industry, regulators, research experts and academic organisations across the 海角视频.听

Sarah Williams-Gardener听FinTech听Wales, chief executive said: 鈥 This paper recommends a clear plan to secure a more prosperous future for听fintech听through innovation and we need to act now to ensure that we can continue to grow in听fintech听and not fall behind our international competitors.听听听

鈥淲e must create an environment where opportunities to innovate 鈥 and break through the crowd 鈥 can be achieved. The importance to build back better post Covid-19 is even more pressing听If we don鈥檛 commit to providing the right conditions now for our听fintech听innovators, we will almost certainly lose out to our international competitors.鈥

Last summer the complementary听fintech听strategic review was launched by Chancellor Rishi Sunak to examine how the growing sector can thrive in a post EU environment.

It will report shortly with Ron Kalifa, the former chief executive of Worldpay, leading the review. Recommendations expected include the establishment of a 拢1bn fund to back fast-expanding start-ups in the sector across the 海角视频.

Mr Kalifa said 鈥 We are delighted to see听FinTech听Scotland and听FinTech听Wales combining forces to propose a 海角视频 wide joined up approach to听fintech听innovation. We all have a common goal to make 海角视频听fintech听resilient and prosperous on the global stage.鈥

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Deputy Minister for the Economy and Transport at Welsh Government, Lee Waters said: "The听Fintech听sector is absolutely crucial to the Welsh economy and we have worked hard to create a truly world class industry here in Wales, which will have an even bigger role to play as we recover from the impacts of coronavirus.听听

鈥淲e have long championed and supported innovation through our SMART suite of programmes and we are committed to helping businesses respond to market demand while continuing to attract internationally-renowned companies to Wales.

鈥淚 applaud the proactive work undertaken, and initiative听shown听by听FinTech听Wales,听FinTech听Scotland and Innovate 海角视频. It鈥檚 now crucial the 海角视频 Government provides the support needed for the sector to continue to flourish now and in the future.鈥澨听听