RateSetter’s chief executive has welcomed a newly-announced government review into the UK’s fintech sector to support its growth and competitiveness.
The review was unveiled during Chancellor of the Exchequer Rishi Sunak’s first Budget today (11 March). It will be conducted by Ron Kalifa OBE, executive director of payment processing company WorldPay.
In 2018, Kalifa was part of the formation of The Fintech Strategy Group (FSG) which brought together senior leaders from across the finance industry.
P2P lenders such as big three platform RateSetter will engage with Kalifa as part of the review.
“The UK’s reputation for fintech innovation across investments, payments and banking is second to none and the fintech industry is delivering greater value, utility and financial inclusion to many millions of people,” said RateSetter’s chief executive Rhydian Lewis.
“The fintech sector is maturing and becoming mainstream, and I warmly welcome the chancellor’s timely announcement of a strategic review to ensure that the best fintech businesses can scale up to become major financial brands, both in the UK and internationally.
“I look forward to engaging with Ron Kalifa on the review.”
The government has pledged to support the UK’s world-leading fintech sector, along with the wider digital economy. It will also convene a summit looking at what further data needs to be made accessible to make it faster and easier for SMEs to shop around for credit.