THE UK fintech sector got a boost on Monday with the formation of a new strategy group backed by the City of London Corporation, as competition heats up for the title of European fintech hub.
The Fintech Strategy Group (FSG) will bring together senior leaders from across the finance industry – from startup and high growth fintech businesses to institutional investors, banks and regulators.
Industry body Innovative Finance and the City of London Corporation, which among other duties promotes London as a global financial centre, are behind the launch.
“Fintech continues to go from strength to strength and is a vital part of the City of London ecosystem,” Catherine McGuinness, chair of policy resources at City of London Corporation and vice chair of FSG, said.
“The establishment of this Fintech Strategy Group is therefore a welcome step for the industry and will add real clout.”
“There are numerous opportunities to expand in the years to come, but similarly also hurdles to overcome, so I am confident this group will help the industry speak up with a unified voice.”
Iain Anderson, executive chairman of communications and market research company Cicero Group, will head up the FSG, while joining City of London Corporation’s McGuinness as vice chair is Ron Kalifa, executive director of payment processing company WorldPay.
“We must continue to challenge ourselves to support and evolve the fintech industry,” Charlotte Crosswell, chief executive office of Innovative Finance, said.
“We look forward to drawing on our wide membership base to work on issues and provide industry-led solutions while simultaneously identifying areas for policy recommendations.”
The FSG announcement comes soon after the European Commission proposed a draft law that will give crowdfunding platforms access to customers across the EU, in a move that could shift European fintech’s focus away from London in the wake of Brexit.