FF News | Fintech Finance’s Post

We've just launched a super new report in partnership with the Tony Blair Institute for Global Change mapping out how fintech can turbocharge a progressive agenda for the next government. Our findings 👀 💰 Fintech is the pride and joy of the UK startup ecosystem, but there's no reason it can't continue to grow and thrive with the right support 💪 Beyond growth, fintech is can break down barriers to opportunity, empower folks across the UK, and support financial inclusion and literacy 📜 Our policy priorities for the next govt include regulating BNPL and outlining an APP fraud strategy within the first 100 days, enabling more savers to invest in UK startups, and delivering a financial inclusion strategy in the first six months 🚀 The big opportunity, however, is Open Finance - this can unlock both growth and opportunity across the economy, powered by our £4bn Open Banking sector

Innovate Finance's Unicorn Council for UK Fintech Publishes the Council Members’ Recommendations to Help Maintain and Strengthen the UK’s Leading Global Position in Fintech Philip Belamant, Co-founder & CEO of Zilch said: "As a co-founder of the Unicorn Council (UCFT), we are very excited to Co-Chair this important and market first new initiative that brings together the most valuable late-stage private companies in the UK today. Akin to Zilch, the companies founded by my fellow CEOs have already delivered game changing economic value to the UK. Our sole purpose with the UCFT is crafting the go to policy playbook that outlines precisely what the government, regulators and the broader ecosystem need to address if our generation of fintech businesses are to continue thriving on a global stage". https://lnkd.in/ed_jEEqT ClearBank Charles McManus Janine Hirt Francesca Carlesi Revolut #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

In the midst of an incredibly exciting, albeit busy, week to celebrate UK Fintech we are incredibly excited to share that we have launched our ‘Progressive Vision for Fintech’ alongside the Tony Blair Institute for Global Change Our report is intended to add detail to the work that has come previously, probing where a progressive vision for fintech could go further, and outlining specific steps that the next government should take to utilise fintech to drive growth and unlock opportunity across the UK. The report is the product of a series of roundtable discussions, workshops and a written feedback session to a host of stakeholders within our fintech ecosystem. We focus on three major themes: 1) Fintechs & Growth Fintechs can fuel economic growth, as a source of jobs and growth in of itself, and an enabler of growth across the economy - but in order for it to do so, we must get the basics right and ensure the UK is one of the best places in the world to start and scale a fintech startup. This means optimising foundational innovation incentives for fintechs across their growth journey, including optimising incentives like R&D tax credits and share option schemes, building fintech export opportunities, and providing regulatory certainty. 2) Fintechs and Breaking Down Barriers to Opportunity Fintechs break down barriers to opportunity. From increasing the returns for savers and pension holders to reducing costs for small businesses, financial innovation is increasing equity and opportunity for people up and down the UK. To maximise the potential of fintech to break down these barriers, the next government should develop a national financial inclusion strategy with financial innovation embedded within, unlock pensions to invest in startups, and increase choice for small businesses in how to accept payments by cultivating competition. 3) Open Finance and Mission-Driven Government Finally, a major opportunity that represents both a significant growth sector and an enabler of opportunity for consumers and businesses alike is Open Finance. The final section of the report outlines how, through building on the success of the £4bn Open Banking ecosystem in the UK, the next government can turbocharge fintech growth by introducing Open Finance as a priority, supporting financial inclusion, literacy and consumer empowerment. This would be a necessary next step on the road to unlocking the transformative potential of Smart Data more broadly. We wanted to thank everyone who participated throughout the report and as always we want to hear from you. What else should a future government be doing to progress Fintech and ensuring that the UK is world leading throughout financial services.

Innovate Finance Launches the first Unicorn Council for UK FinTech Janine Hirt, CEO of Innovate Finance, said: “In the last few years UK FinTech has shown resilience by maintaining its position as a global hub for investment, second in the world behind only the US, and maintaining the leading position in Europe. However, to maintain our leadership we need to accelerate our work with industry, government and regulators to ensure the necessary support for growth tech companies, including proactive regulation and increased investment. Today we are delighted to launch the Unicorn Council for UK FinTech to unlock the growth in the UK FinTech sector, support the innovators and industry change makers, and attract investment”. https://lnkd.in/exdFWYsc Julia Hoggett London Stock Exchange Ryan M. Philip Belamant Zilch TS Anil Monzo Bank Revolut Francesca Carlesi Dom Hallas Startup Coalition Charles McManus ClearBank Justin Basini ClearScore Shachar Bialick Curve Richard Davies Allica Bank Iana Dimitrova OpenPayd Alasdair Haynes Aquis Exchange Louise Hill GoHenry Jaidev Janardana Zopa Bank Antony Jenkins CBE 10x Banking Rishi Khosla OakNorth Vishal Marria Quantexa Francesco Simoneschi TrueLayer Myles Stephenson Modulr #FFNews #Fintech #Finance #Banking #Paytech #Payments #Insurtech #Insurance

UK FinTech Week is here, and ahead of the 10th #IFGS, The Unicorn Council for UK FinTech published core recommendations for policymakers, which are deemed critical to maintaining the UK’s position as global leader in FinTech. The six initial recommendations, Include: ✔ Regulatory Environment: Recommendation to re-think to create a more efficient environment to nurture innovation, growth, and competition. ✔ Business Asset Disposal Relief: Augmenting tax incentives is essential to attract entrepreneurs and incentivizing reinvestment in new ventures. ✔Capital Markets: Addressing capital deficiencies is paramount for the scalability of large FinTech enterprises. Recommendations encompass the abolition of Stamp Duty and strategic initiatives to bridge capital gaps. ✔R&D: Safeguarding tax relief mechanisms for FinTech research and development. ✔EMI and EIS: Rectifying exclusions for start-ups in pivotal sectors like lending, banking, or insurance is pivotal for early-stage capital acquisition. ✔VAT: The exemption of VAT for most FinTechs effectively necessitates them to secure 20% additional capital compared to startups in different sectors. To address this imbalance, the Council proposes implementing a VAT rebate scheme for early-stage FinTechs to ensure fair competition. You can read more here  - https://lnkd.in/ed_jEEqT Launched by Innovate Finance, The Unicorn Council for UK Fintech is a coalition of UK-based FinTech unicorn founders and designed to accelerate and unlock growth in the UK FinTech sector. #UKmarketentry #FinTech #Innovate #UKFinTech #Innovation #PolicyRecommendations #UnicornCouncil

A unified FinTech industry is a strong FinTech industry

Great to see the UK FinTech community come together here. The sector can play such an important role for UK growth and innovation, so it’s fantastic that industry leaders are collaborating to secure and build upon our established successes to date. #fintech #growth

BNP Paribas Personal Finance UK Celebrates Successful Incubator Programme by Bringing Four New Innovative Solutions to Market Chief Executive Officer of BNP Paribas Personal Finance UK, Stephen Hunt FCA shared: “As a leading finance provider serving over 4 million customers, it is essential that BNP Paribas Personal Finance UK remains at the forefront of innovation and is constantly looking for new products and services that can make our customers’ lives easier. “The ability to bring these groundbreaking solutions to our customers showcases the true value of the Innovation Lab programme both to our business, but to the wider financial services sector too.” https://lnkd.in/efscBQzW Vita Woods Hilary Smyth-Allen Jean-Laurent Bonnafé Yann Gérardin Thierry Laborde Laurent David Elise Hermant #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

🚨 Nearly 40% of fintech founders find the UK’s regulatory environment “poor,” with many contemplating relocations to regions like the US and Middle East. 💡 According to an Evelyn Partners survey, difficulties with regulation and access to funding stall innovation. 💳 At Paynetics, we believe new regulations don’t have to impede business. A proactive regulatory environment, when enforced well, not only levels the playing field but also creates a solid foundation for investment and growth. 👀 Read more about the report in The London Standard. 👉 https://lnkd.in/d8ZMbNPY #EmbeddedFinance #Payments #PaymentRegulation #Fintech #Finance

Fin Tech - One of the UK's real success stories, genrating jobs and income and while London dominates there are strong reginal centres such as Edinburgh, Reading, Leeds, Manchester, Birmingham, bath and Bristol. London has been a key driver in the UK’s FinTech success story. As the second highest ranking FinTech ecosystem globally, it has the world’s highest concentration of financial and professional services firms. It’s also attractive to investors: in 2020 $4.1 bn. There are over 2,500 FintEch firms according to Deloitte's report https://lnkd.in/ebte5p6R. The sector contributes an estimated $13.4 billion (£11 billion) and over 76,000 jobs to the UK economy - https://lnkd.in/e-PSrWF3. Companies such as ClearBank Tide Chip - your wealth app Monzo Bank Helen Disney