Fresh on the heels of recent comments from Chancellor Osborne who wants London to become a Fintech global centre, comes further evidence that the UK Government sees financial technology as a way of boosting the economy.
Economic secretary to the Treasury Harriet Baldwin, who also happens to be MP for West Worcestershire, was speaking at yesterday’s Building Societies Association annual lunch. Up on the soapbox she said: “Technology is transforming beyond recognition the way we carry out day to day tasks and I believe that financial services can do a lot more.
“Not only does financial technology, or fintech make people’s lives easier and promote competition, it can also deliver a major boost to the UK’s industry.
“Our ambition is for the UK to become a leading global hub for financial innovation that’s why we’ve appointed Eileen Burbidge as the UK’s special envoy for fintech.
“In this role she will represent the UK’s interests in fintech at home and around the world and yesterday the chancellor announced the launch of our international fintech benchmarking exercise.
“This will consider the UK’s performance against other countries and identify areas of other fintech opportunities in the UK.”