This is a best prospect industry sector for this country. Includes a market overview and trade data.
The Financial Technology (FinTech) sector is revolutionizing the financial services industry by simplifying transactions, reducing costs, enabling innovation, empowering customers, and enhancing security. The UK is the third largest destination for FinTech investment, after the United States and China. The FinTech sector in the UK is comprised of over 1,600 firms, and that number is projected to double by 2030. The sector contributes and estimated $9.18 billion (£7 billion) and over 60,000 jobs to the UK economy.
In May 2019, U.S. Treasury and Her Majesty’s Treasury established the U.S.-UK Financial Innovation Partnership (FIP). The FIP seeks to encourage collaboration in the private sector, to enable sharing of expertise in regulatory practices, and to promote growth and innovation. The work of the FIP has two pillars of engagement: regulatory and commercial. As part of the commercial engagement piece of the FIP, the U.S. Department of Commerce will host a U.S.-UK FinTech Trade Mission to the UK in June 2021.
The UK FinTech ecosystem is the largest in Europe. As the UK negotiates its future relationship with the European Union, Her Majesty’s Government has made its FinTech sector a priority. In July 2020, the UK’s Economic Secretary to the Treasury announced a review into the UK FinTech industry. The aim of the review is to identify opportunities and to support further growth.
The FinTech sector has seen steady growth and the acceleration of adoption in several sub-sectors, including payments, regulatory technology (regtech), and insurance technology (insurtech).
The UK FinTech industry is growing quickly and this growth has been accelerated by the COVID-19 pandemic. There are opportunities for innovative U.S. fintech solutions to be provided as disruptive technology, as well as to forge partnerships with the major incumbent financial institutions. Though concentrated in London, there are other major centers for FinTech throughout the various regions in the UK, including FinTech North, FinTech Northern Ireland, FinTech Scotland, and Fintech Wales.
The U.S. Department of Commerce will host a Certified Trade Mission to the UK from June 21-24, 2021. Other industry events include:
November 30-December 4, 2020
Innovate Finance Global Summit (IFGS)
April 2021 (TBC)
Money 2020 Europe
June 8-10, 2021
For further information, please contact:
U.S. Commercial Service
Tel: +44 (0)20 7891 3432