UK industry body Innovate Finance is launching a spinoff group to promote the country’s booming fintech sector globally.
The International FinTech Group will provide support to British financial technology companies on trade agreements and frameworks.
It will also promote the country’s fintech success stories and aim to “solidify” the UK’s strong global position in the fintech sector. Last year, UK fintech companies attracted £8.56bn in VC investment, coming second to the US globally.
The International FinTech Group, or IFG, will be co-chaired by Innovate Finance and the UK government’s Department for International Trade.
Fintech companies Revolut, Klarna and Checkout.com are among the first to join the organisation.
It was formed as part of a recommendation from the Kalifa Review – a government-backed evaluation of the UK fintech sector.
The report, published in February 2021, advised that the UK should ensure it capitalises on the sector’s growth and promote fintech companies internationally.
“The IFG will be central to the work we do to promote our UK fintech sector internationally, with the aim to boost global cooperation and trade relations,” said Janine Hirt, CEO of Innovate Finance. “Bringing industry and government together will help us better represent our great sector on a global scale, and cement fintech as an important international asset for the UK.”
The group will spend the next year creating a “UK FinTech Trade and Investment brand” that follows the groundwork laid by the Department for International Trade’s “Made in Britain” campaign.
Minister for Investment Gerry Grimstone said the International FinTech Group will “ensure that the sector continues to have a voice overseas as we strike trade deals with countries across the world”.
The first IFG meeting will take place next month.
Alex Marsh, head of Klarna UK, said: “As we put the pandemic behind us, we have a unique opportunity to cement the UK’s future as the global fintech leader by embedding stronger links with fintech hubs around the world and continuing to deliver on products, services and regulation which benefit consumers, not banks.”
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