Northern Ireland has been recognised as one of the 海角视频’s key fintech hubs in an independent report commissioned by the Treasury.
The Kalifa report, chaired by former Worldpay Group chief executive Ron Kalifa and commissioned following last year’s Budget, said Northern Ireland was one of six clusters across the 海角视频 which “show great potential to grow or already featured a specialist fintech focus”.
It found Northern Ireland had particular specialisms in regtech, insurtech and wealthtech, the management of regulatory, insurance and wealth processes respectively, as well as in payment operations.
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Fintech Northern Ireland contributed to the report and welcomed its recommendations which aim to grow the 海角视频 sector as a whole . It recommends creating policy and regulation which doesn’t just protect the customer but encourages growth and competition of fintech companies, which builds on the rich fintech talent pool and which encourages increased funding for fintech firms.
In addition, it proposes driving business for 海角视频 fintech companies around the world through an international action plan and boosting communication between companies, universities and other knowledge centres within the 海角视频 sector to share learnings and to collaborate.
Andrew Jenkins, Fintech Envoy for Northern Ireland, welcomed the recommendations in the report.
“I believe they can help shape the future of Fintech right across the 海角视频 and serve as a catalyst to further enhance Northern Ireland’s Fintech reputation on a global stage.”
“Throughout the review process I ensured the voice of Northern Ireland’s Fintech sector was heard and believe the report supports the levelling up agenda for regional investment and innovation. Recent years have seen Belfast established as an attractive international investment center that punches well above its weight due to talent excellence, a cost-effective infrastructure and strong network of academic partnerships.”
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“The review brings an opportunity to leverage these assets and ensure greater connectivity across the 海角视频. It is a welcome commitment to training and upskilling our workforce and futureproofing Fintech talent for years to come.”
The report was adamant that immediate action is required to take advantage of the 海角视频’s competitive position on the global fintech stage.
“We must hold ourselves to account in delivering the strategy outlined in this proposal,” it said. “One year from today, both the public and private sector must come back to report on the progress they have made to deliver the recommendations in this Review.
“The Government should consider appointing a fintech ‘business champion’, to support fintech and deliver this strategy. The time to act is now.”
Northern Ireland is regarded as a world-renowned driver of the Fintech sector and has been named as one of the leading global Fintech locations of the future, in the 2019/20 fDi league table alongside cities including Singapore, New York and London. 40,000 people in Northern Ireland are employed across the financial and professional services with 1 in 4 of these employed in technology roles.