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 Scotland and FinTech Wales, in a reported entitled Research and Innovation for 海角视频 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 £70bn.
Jointly authored by Gavin Powell and Johnny Mayo of FinTech Wales along with Nicola Anderson and Stephen Ingledew of FinTech 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 fintech research and innovation in partnership with established researchers to develop support through a long-term funding portfolio.
- The development of a Fintech Innovation Institute by collaboration of 海角视频 fintech regions to lead the steering and operation of a long-term funded portfolio.
- Regional fintech contributions that leverage the local strengths and connected networks to help drive economic growth and build greater resilience across the 海角视频.
The proposed actions have been supported by contributions from experts across industry, regulators, research experts and academic organisations across the 海角视频.
Sarah Williams-Gardener FinTech Wales, chief executive said: “ This paper recommends a clear plan to secure a more prosperous future for fintech through innovation and we need to act now to ensure that we can continue to grow in fintech and not fall behind our international competitors.
“We must create an environment where opportunities to innovate – and break through the crowd – can be achieved. The importance to build back better post Covid-19 is even more pressing If we don’t commit to providing the right conditions now for our fintech innovators, we will almost certainly lose out to our international competitors.”
Last summer the complementary fintech 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 £1bn fund to back fast-expanding start-ups in the sector across the 海角视频.
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Mr Kalifa said “ We are delighted to see FinTech Scotland and FinTech Wales combining forces to propose a 海角视频 wide joined up approach to fintech innovation. We all have a common goal to make 海角视频 fintech resilient and prosperous on the global stage.”
Deputy Minister for the Economy and Transport at Welsh Government, Lee Waters said: "The Fintech 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.
“We 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.
“I applaud the proactive work undertaken, and initiative shown by FinTech Wales, FinTech Scotland and Innovate 海角视频. It’s now crucial the 海角视频 Government provides the support needed for the sector to continue to flourish now and in the future.”