THE CHIEF executive of the owners of the Clydesdale and Yorkshire banks has been picked by the Treasury as the newly-created fintech envoy for England, as part of Chancellor Philip Hammond’s first fintech strategy announced this week.
David Duffy (pictured), chief executive of CYBG, has been tasked with developing the fintech sector across the whole of England through greater collaboration between fintech companies, banks and other financial service firms.
He will be responsible for raising fintech’s profile and helping find markets in the UK and internationally.
“I’m hugely excited to be taking on this fintech envoy role at such a critical time for the UK’s fintech and wider financial services industry,” said Duffy. “The UK has a fantastic opportunity to be a global fintech leader.
“As the government’s fintech strategy rightly identifies, delivering on this potential will require deeper and more extensive collaboration between fintechs, banks and other financial services firms, as well as a real push to unlock the potential of fintechs across the UK by helping them access new markets.”
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Hammond on Thursday announced a raft of new initiatives to boost the UK’s fintech sector, including a new taskforce to look at cryptocurrencies, regional envoys and ‘robo-regulation’ to help fintechs comply with the rules.
“David’s extensive experience and passion for fintech will make him a fantastic envoy for England,” said John Glen, economic secretary to the Treasury and City minister. “It’s vital that every part of Britain benefits from the fintech revolution, and I look forward to working with him to ensure that happens.”