Membership organisation, Tech East, which is aiming to make the East of England the next global tech cluster, has commissioned consultancy firm Whitecap Consulting to create a comprehensive report on fintech in Norfolk.
The new report will look to map and quantify the landscape of the fintech industry in Norwich and the rest of the county, as Tech East begins its campaign to develop the fintech scene across Norfolk – driving collaboration and investment in the sector.
Specialist data partner mnAI will also produce a proprietary Impact Index assessment on the contribution of cohort firms to ESG (Environmental, Social and Governance) and sustainability goals to support the report, which is planned to be published at a launch event on 24 April.
A Hackathon delivered in association with Aviva Foundry and a public event in partnership with FIGNorwich (Financial Industries Group) will also form part of the new initiative, alongside promotion of the sector on Tech East’s website and other online channels. The Hackathon will take place from 8 to 9 March and will bring together tech, innovators and businesspeople to explore key challenges and devise solutions over two packed days of collaboration.
Tim Robinson, chief executive of Tech East, commented: “Norfolk’s growing fintech community is already playing a pivotal role in driving innovation and advancement within the financial technology sector.
“Our goal is to establish a vibrant ecosystem well connected to the wider UK fintech industry that encourages collaboration, knowledge exchange, and convergence of fintech startups, established entities, investors, and supporting infrastructure.
“We are inviting local fintech businesses to get involved in this project and attend key events so they can contribute to the development of the sector, benefit from future opportunities and connect with industry leaders.”
‘Getting Norwich and Norfolk on the fintech map in the UK’
Cllr Fabian Eagle, Cabinet Member for Economic Growth for Norfolk County Council, said: “Norfolk County Council is delighted to have been able to support this study into the potential of a fintech cluster in Norwich. Fintech represents a key opportunity to inject growth and emerging skill sets into the local economy.
“We have a growing number of fintech businesses within Norfolk and fantastic assets, such as the Fintech Lab at the Norwich Business School, UEA. We have no doubt that businesses coming together collectively will add considerable value and critically, bring their voice to the national stage as this exciting sector develops.”
Steve Davidson, Chair of FIG, also commented: “FIG is delighted to be working in partnership with Tech East on this project. The financial and professional services cluster in Norwich and Norfolk is well established. We know the value of collaboration and innovation and investing in technology.
“This is why we are strong supporters of this initiative – the continuing emergence of a thriving fintech sector is fantastic news for all of us. Moreover, we hope it results in getting Norwich and Norfolk on the fintech map in the UK”