Promoting the UK as a global hub for FinTech and digital service, the Department for International Trade (DIT) has announced a series of measures that will help boost our presence in overseas markets.
Marking this year’s UK FinTech Week, new support for the industry will help businesses more directly, making sure that they have the capabilities to export their products so UK firms can become world leaders in Fintech and industries of the future.
This includes creating a new bespoke Export Academy that will give businesses free advice on issues such as legal, tax, regulatory, accounting and market entry, making their exporting journey shorter and smoother.
The UK is home to a diverse FinTech talent pool, innovation, and capability. A new DIT Fintech Champions scheme is also being established that will tap into that pool and work with industry leaders to elevate the UK’s status as a global FinTech hub, as well as promote expansion around the world and help businesses scale-up and up-skill.
The UK is already a world leader in this space, owning more than 10% of the global market share and is home to approximately 1,600 FinTech companies, which is expected to more than double by 2030.
Cementing the UK’s position as a global trailblazer in the wider tech sector, the FinTech industry is worth more than £11 billion a year to the UK economy and supports around 76,000 jobs across the country.
With an increasing number of FinTech firms exporting globally from the UK, DIT is helping the sector take advantage of our global trade links, ultimately creating more jobs and driving further investment into all corners of the country.
Minister for Exports, Graham Stuart MP, said:
"The UK is the best place to start and grow a FinTech company, so I’m pleased to see even more support for this world-renowned sector which is already worth more than £11 billion to the UK economy.
"The new Fintech Export Academy programme will take selected high potential firms and give them intensive support to allow them to scale-up faster and reach international markets ahead of their competitors. Meanwhile our innovative FinTech Champion scheme will harness already successful firms to provide advice and support to those who are breaking through and act as global ambassadors for the UK Fintech scene.
"We are engaged in the most ambitious trade policy programme of any major economy in history, breaking down barriers, signing free trade agreements and opening up markets for our cutting-edge companies – not least in Fintech. Having opened up markets we are also determined to make sure UK businesses also get the support to enter them."
Charlotte Crosswell, CEO of Innovate Finance, said:
"It’s encouraging to see today’s announcement by the Department for International Trade and the new initiatives that will fuel the future global growth opportunities for UK FinTech businesses.
"The recommendations put forward by the Kalifa Review reflected the ambitions of our high-growth FinTechs, and their founders, who are keen to develop, innovate and grow internationally. However, these businesses will only succeed where such thoughtful recommendations are met with concrete action.
"Today’s announcements of the FinTech Exports Academy and the FinTech Champions Scheme are great initial steps in that direction. These two schemes will enable our businesses to both benefit from practical support on their export journey, as well as forge valued connections with those experienced FinTech leaders who have already achieved success in overseas markets.
"Innovate Finance looks forward to continuing to work with DIT in support of these vital initiatives, which we believe will make a positive difference to all those FinTechs seeking to enhance their own global ambitions."
The package of measures announced today are in response to the publication of the Kalifa Review in February 2021, calling for further support to the ongoing success of the UK’s FinTech industry.
It also comes after DIT recently announced the launch of four regional trade hubs as part of a major export drive, which will see DIT focussed on promoting British exports from all parts of the UK, to help level up the country, build back better, and support a resilient economy as outlined in the government’s Integrated Review.
Earlier this month, government-led research showed exports supported 6.5m jobs across the UK, 74% of which were outside London. The research estimated jobs directly and indirectly supported by exports paid around 7% higher than the national median, with Office for National Statistics estimating that goods exporting businesses are also 21% more productive.