Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
fintech sector
January 26 2021

UK fintech ‘under threat’ without more research and innovation

Marc Shoffman Industry News, News, Top 3 Fintech Scotland, FinTech Wales, Nicola Anderson, research and innovation, Sarah Williams-Gardener

Fintech groups have called for more research and innovation (R&I) support to sustain the UK financial services sector’s world-leading position.

A report by Fintech Scotland and Fintech Wales warns global comparisons show there is a need to act now to protect the UK’s vital industries in the face of stiff competition from the rest of the world.

The report warns that (R&I) in financial services and subsequently fintech is less mature than in other economic sectors, which could be an issue as the UK attempts to adapt to the post-Brexit and post-pandemic world.

Read more: Government launches global partnerships programme for UK fintechs

“The necessary mechanisms to encourage collaborative R&I ideas and see them through to exploitation is missing,” the report said.

“Current efforts are often reactive rather than proactive, and fintech is a relatively new landscape for universities and research.”

It proposes fintech challenge competitions, the creation of a fintech innovation institute and regional networks to boost and encourage R&I.

Read more: Five more lenders sign up for Treasury-backed Fintech Pledge

“We know from experience that fintech across the UK offers real potential for economic growth, future employment and greater financial inclusion,” Nicola Anderson, chief executive of Fintech Scotland, said.

“This paper proposes a suite of purposeful and collaborative actions that can achieve success through commitment and regional contributions. The paper is just the start and we’re looking forward to continuing this work with fellow fintech leadership colleagues and teams across the UK.”

Sarah Williams-Gardener, chief executive of Fintech Wales, said the UK will lose its international competitiveness if it doesn’t create the right conditions for innovation.

Read more: Innovate Finance opens applications for Women in FinTech Powerlist 2020

Isle of Man eases registration process for crypto firms Assetz Capital to remove lender fee by June

Related Posts

magnifier

Industry News, News, Top 3

Trade association calls for more FCA scrutiny

FOLK2FOLK - Roy Warren MD - head crop (col)

Industry News, News, Top 3

Folk2Folk eyes £100m from institutions as it expands nationally

the acronym fca for Financial Conduct Authority concept represented by wooden letter tiles

Industry News, News, Top 3

FCA to publish initial supervisory work on consumer credit guidance

Popular posts:

  • Chancellor unveils recovery loan scheme
  • Budget outlines plans for £15bn of green bonds in 2021
  • FCA warns The House Crowd investors against using…
  • Government to launch replacement future fund scheme
  • BBB sets out further details on recovery loan scheme
  • Cyan Finance launches IFISA to help investors go green
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by