THE FUTURE OF FINTECH
A year ago, all eyes were on Rishi Sunak’s first Budget as the Chancellor outlined the government’s measures for tackling the growing spread of the coronavirus. But he also announced the launch of a review into the UK’s fintech sector headed by former WorldPay CEO, Ron Kalifa OBE, and just a few weeks ago we finally saw the publication of the highly anticipated report.
The 106-page Kalifa Review of UK Fintech highlights the opportunity to create highly skilled jobs across the UK, boost trade and extend the UK’s competitive edge over other leading fintech hubs. Among its recommendations, the review proposes the creation of a £1billion growth fund, financed by insurers, pension funds and private investors, to support fintech startups in unlocking direct access to institutional capital.
In this issue of The Fintech Times, we delve into the review, alongside another recently published report by Lord Hill (a former EU commissioner), designed to encourage investment in UK businesses, benefit companies who choose to float in London and improve the UK’s competitive position.
The UK Listings Review’s key recommendations include changes to listing rules around dual class share structures, free float requirements and special purpose acquisition companies (SPACs).
We hear from fintechs around the global community who, in large, welcome both reports and the potential opportunities they propose but highlight a number of questions and challenges to be addressed. Turn to page 4 for all the reaction.
During this year’s Budget, the government announced a new loan scheme to support access to finance for UK businesses as they recover from the upheaval of the pandemic. The Recovery Loan Scheme replaces the current Coronavirus Business Interruption Loans (CBILS), which closes applications at the end of March.
On page 18, we ask fintech lenders to share their experiences of CBILS as we say farewell to the loan scheme.
Finally, we’re delighted to announce that nominations are now open for The Fintech Power 50 2021 – the annual guide to the most influential and innovative companies, and inspiring personalities shaping the fintech industry.
Between now and the end of April, members of the industry can nominate a fintech company and a fintech star – from anywhere in the world – that they believe should be featured in this year’s cohort.
Last year, The Fintech Power 50 included fintech industry researcher Devie Mohan, Dr Ruth Wandhöfer, a leading expert on banking regulatory and innovation matters, payments expert David Parker, financial industry strategist Jim Marous and Lawrence Wintermeyer, the digital finance advocate. Plus, companies, such as Jumio, OakNorth and SmartStream.
Hear more from the 2020 flock of the fintech’s finest and learn how you can get involved with The Fintech Power 50 for 2021 on page 22.
Happy reading!
Claire Woffenden, TFT Editor
AI level 0 of 5: researched, written and edited by Darlyn Ho without generative AI; only everyday tools such as spelling and grammar checkers were used. What the levels mean
