The Rt Hon Philip Hammond MP, Chancellor of the Exchequer, has today announced the FinTech Alliance, an organisation designed to bring together the UK’s and the global FinTech sector through one online destination.
Announced by Her Majesty’s Treasury (HMT), and in partnership with the Department of International Trade (DIT), the digital platform will bring together the strengths of the UK’s FinTech ecosystem in one destination. FinTech Alliance’s democratised platform is built on providing opportunity and education to those working in the sector. By building a profile as an individual or a company, users will be able to access and share a wealth of insight and news across the platform, connect with investors, receive updates on the latest policy and regulatory changes, and find the talent they need in order to scale.
Another key focus of FinTech Alliance is on connecting commerce. The platform will also open up international opportunities and build bridges, enabling global growth and success. Its aims include attracting international investment, FinTech firms and talent to the UK, as well as acting as a platform for UK firms to expand onto the global stage.
The Chancellor announced the forthcoming launch while speaking at the Innovate Finance Global Summit at the Guildhall in London. At this stage, FinTech Alliance is inviting the community to sign up on the platform, to share ambitions and help develop the roadmap, ahead of the official launch in just over a month.
The Rt Hon Philip Hammond MP, Chancellor of the Exchequer, stated in his speech:
“So I’m delighted to welcome the launch today of the new FinTech Alliance – bringing together the UK’s FinTech network in one easily accessible ‘digital marketplace’, which will provide access to people, firms and information, including connections to investors, policy and regulatory updates, and the ability to attract and hire candidates.”
FinTech Alliance’s democratised platform is built on providing opportunity and education to those working in the sector.
The first ever community-driven platform is honours and grateful to be supported already by some Principal Partners including commercial data and analytics company Dun & Bradstreet; software development business, Endava; financial services company, First Data; professional services firm PwC; payment services and Mastercard company, Vocalink; and legal firm White & Case.
Alastair Lukies CBE, Member of the Prime Ministers Business Council and Chair of FinTech Alliance, added:
“The UK is the leading FinTech ecosystem globally. However, this is not something that has happened by chance, and certainly something we cannot be complacent about. Much work has gone in over the past 10 years from government, regulators, incumbents, innovators and most importantly many regions across this great nation to create the unique alchemy that we benefit from today. The FinTech Alliance will not only demonstrate this thriving environment digitally, but will further cement our key role in the global FinTech ecosystem.”
David Bartlett, Head of Financial & Professional Services, Department for International Trade, stated: “The UK continues to be a global hub for FinTech – benefiting from a diverse pool of talent, a supportive regulatory environment and world-leading FinTech companies. As these companies mature, and seek to expand their operations overseas it becomes ever-important to showcase the very best of British FinTech on a global stage.
“Much work has gone in over the past 10 years from government, regulators, incumbents, innovators and most importantly many regions across this great nation to create the unique alchemy that we benefit from today.”
It is therefore welcome that The FinTech Alliance will help to power this next phase of growth, engagement and connectivity for one of the UK’s brightest sectors.”
FinTech Alliance has brought together a dedicated team of experts who will be leading this digital marketplace, engaging with the key stakeholders and making sure this unique community-led initiative is a world-class portal for the global FinTech Community. Chair of FinTech Alliance, Alastair Lukies CBE, is also supported by David Duffy, CEO of CYBG plc, as Ambassador.
David Duffy, commented: “The launch of FinTech Alliance is an important opportunity to further cement the UK as a world leading destination for FinTechs. This new community driven platform is an excellent tool for FinTechs which will help stimulate much needed growth in the regions as well as in the other nations of the UK and internationally. As the UK Government’s Regional FinTech Envoy for England, I believe that it’s vital that all FinTechs, whether they are based in Shoreditch, Leeds or Glasgow, have the same opportunities to fulfil their potential. The FinTech Alliance is just one way we can help support and nurture these important businesses.
“I’m delighted to be the Ambassador for FinTech Alliance and to have had the opportunity to work with Alastair Lukies to bring this important project to fruition. However, this is just the start of the FinTech Alliance journey. It will only succeed if the UK’s FinTech’s embrace this platform and bring it to life. I look forward to working with FinTech’s from across the country to ensure we deliver on the potential of today’s announcement.”
Individuals will be able to register for free and businesses will have to pay a monthly subscription or annual fee for a presence on the platform. The profits made by FinTech Alliance will be used to drive further initiatives and support pre-existing organisations in the UK FinTech community.