Innovate Finance has published a UK Fintech state of the nation report - a comprehensive summary of the UK's fintech industry to help inform stakeholders for trade and investment and demonstrate the UK's attractiveness as a fintech destination. The report describes the actions that the government, regulators and industry have taken to stimulate and sustain the growth of the UK's fintech sector.
The report has been managed by the Department for International Trade with support from Innovate Finance to "ensure that the objectives and content align with the UK government's FinTech strategy". It broadly covers the UK's past successes, current state, and future objectives in key areas that include technology demand, capital & investment, regulation & policy and talent.
The report also covers further technology trends, innovation and collaboration summarising the 8 technologies viewed as essential to fintech as: blockchain; drones; Internet of Things; robots, 3D printing, virtual reality; augmented reality and AI, giving example uses cases in financial services for each.
From a legal perspective the FCA contributes a chapter entitled 'A view from the regulator' provides positive feedback on its regulatory sandbox– supporting firms that want to test new or innovative ideas with real customers in a controlled environment, and reports on its TechSprints , the Green Fintech Challenge and the work of its Global Financial Innovation Network (GFIN).
We note with interest that the next FCA TechSprint scheduled for July 2019 will address privacy technology. This 2 day event will convene firms and regulators from across the world to address the fundamental issue of how to address privacy with tech - a key focus for our fintech team from a legal perspective.
The positive impact of technology on the financial services sector in the United Kingdom is unprecedented globally