The Department for International Trade (DIT) announced the first ‘Fintech Champions’ for Scotland and Wales at a Board of Trade meeting in Wales.
Open banking company DirectID has been appointed as Fintech Champions for Scotland. Meanwhile, mobile payment solution provider Yoello has been selected as the Fintech Champion for Wales. The companies join previously announced Northern Ireland Fintech Champion, regtech solution provider, FinTru.
The news means that a ‘Champion’ has now been selected for each nation in the UK. The ‘Fintech Champions’ scheme was introduced by the DIT in 2021. Appointed fintechs are to work in collaboration with other industry leaders, strengthening the global position of the UK fintech hub.
Selected fintechs are also to help promote worldwide expansion. Fintech Champions will also help UK businesses scale up by providing sector-specific advice on a one-to-one basis.
Andrew Bowie, the Minister for Exports, explained the decision to select DirectID and Yoello into the positions. Bowie said: “Fintech is already worth billions to the UK economy. We’re keen to see the industry continue to grow over the coming years.
“With these two companies joining the Fintech Champions programme, we now have expertise supporting businesses across all four nations who want to scale up their operations.
“Both are leaders in the industry and will do a fantastic job promoting the UK’s place as a global fintech hub.”
Building on Success
Currently, the UK already owns more than 10 per cent of the global market share. The fintech economy is forecast to grow to £380billion by 2030.
The UK receives around 11 per cent of all global investment into the sector, attracting nearly half of all European investment. An estimation from Innovate Finance places total investment into UK fintechs at $11.6billion in 2021.
With the UK already placed in a strong global position, DIT aims to create more jobs and drive further investment into the sector. The trade department also explained that it looks to take advantage of existing global trade links.
With an increasing number of Fintech firms exporting globally from the UK, DIT is helping the sector take advantage of our global trade links, ultimately creating more jobs and driving further investment into all corners of the country.
Growing the £11billion UK fintech sector
James Varga, CEO and founder of DirectID, spoke on the news. He said: “I was incredibly humbled and excited when I was invited to help champion exporting in the Fintech sector.
“DirectID now powers some of the world’s biggest brands in North America, Europe and Asia.
“DirectID helps to scale, drive efficiencies, manage risk, and create fairer outcomes for customers.
“Whether it’s working with other industry figures to promote the UK as a place to do business, or sharing knowledge of our experience exporting to multi-national organisations, I’m proud to be supporting the growth of the £11billion UK fintech economy.”
Sina Yamani, CEO and founder of Yoello, gave his views on what the fintech economy in Wales has to offer. Yamani explained: “Wales is an incredible hub for Fintech in the UK, with initiatives such as the Cardiff Capital Region and Fintech Wales helping businesses to scale and contribute to the Welsh economy through increasing employment, exports and investments.
“I am honoured to support the Welsh Fintech Champion programme. I look forward to helping accelerate the growth ambitions of businesses towards the thriving Welsh economy.
“We’ve seen huge growth among the fintech cluster thanks to the support of the UK Government and DIT. Their continuing support through this programme will help us grow the Welsh and UK economy even further.”