FinTech Scotland to host Glasgow conference to build UK fintech sector
Business leaders will gather tomorrow in Glasgow for the first major conference dedicated to stimulating the growth of the fintech industry across the UK.
Hosted by FinTech Scotland, the cluster organisation representing the sector north of the Border, the event welcomes members of a fintech ‘national network’ designed to foster collaboration and innovation at a UK level.
Developing the network was one of several recommendations in the Kalifa Review of the sector published earlier this year by the UK Government, which attracted the support of Chancellor Rishi Sunak.
Authored by Ron Kalifa, former chief executive of Worldpay, the report set out the conditions for growth of the sector in a five-point plan spanning policy and regulation, investment, skills, internationalisation, and national connectivity.
However, it warned that unless the UK’s world-renowned financial services industry did more to support the development of digital platforms – which includes the likes of so-called challenger banks – others were waiting for “our crown to slip”. At stake is an opportunity for the UK to play a leading international role in the technology-led revolution of finance, which according to industry analyst Gartner could see 80 per cent of heritage financial services go out of business by 2030.
Stephen Ingledew, chair of FinTech Scotland, said: “We’re very proud to be hosting this event in Scotland. We are already recognised as a model cluster for developing the sector and this conference allows us and our counterparts from across the UK to come together to map out the future benefits of fintech to the economy and society. This event comes at a critical time for the sector. We have experienced record levels of growth this financial year, so it is key that we take a moment to recognise that achievement but also to build on the success going forward.”
The industry has been buoyed over the last four weeks by a national ‘festival’ of 50 fintech events across Scotland. Tomorrow’s Accelerating Fintech Across the UK conference at the University of Strathclyde, which features UK Treasury minister, John Glen, and Ivan McKee, the Scottish Government’s business minister, is the last and most significant of the series.
Mr Ingledew added: “Everyone has been through such a lot during the last 18 months, so of course it is great to be able to meet in person again. One of the main reasons the fintech national network was set up was to instil that spirit of working together – despite our differing regional strengths – as a team.”
On the agenda for FinTech Scotland’s leadership and fellow member organisations such as FinTech Wales, FinTech Northern Ireland, Innovate Finance, FinTech North, FinTech West and SuperTech West Midlands, will be to support the efforts of those mostly SMEs to scale up to a level whereby they can compete globally.
Ron Kalifa said: “The importance of our regional fintech clusters to the continued success of UK fintech should not be underestimated. Already this year, Scottish fintech firms have raised £91m and tech roles have increased by 25 per cent across both Edinburgh and Glasgow. It is for this reason that the Fintech Review focused on putting forward a new approach and delivery model for the UK that would nurture their high-growth potential to provide good work, better skills, higher wages, and become an engine of the ‘levelling up’ agenda.
He added: “This included a recommendation for the establishment of a Centre for Finance, Innovation and Technology (CFIT). CFIT would work with the National Network, Fintech Scotland and our other regional hubs to generate new opportunities, secure investment and create the jobs this country needs to build back better. We welcome the Chancellor’s public support for CFIT and look forward to working with him and his department on next steps.”