Posted: 26 Feb 2021 Resource Type: Research Report Download Back Over the past decade, the UK has undergone a fintech revolution – in jobs, innovation, improvements to people’s lives and in the country’s ability to compete on the global stage – and today is one of the leading global fintech hubs. Through a five-point plan that spans policy and regulation, skills, investment, national connectivity and international competitiveness, the Review sets out a clear strategy to ensure that the UK can capitalise upon the opportunities fintech presents to create quality jobs and level up the country, increase financial inclusion and play a key part of “Global Britain”. “Fintech has the power to change lives, both in terms of job creation and better wages that are so essential to our recovery; and making financial services more accessible and relevant to people’s lives. Britain has a proud record of starting-up and scaling-up some of the best known fintech products, but we cannot rest on our laurels. The next powerhouses will not be created by accident." Sir Ron Kalifa Download the Executive Summary The Review secretariat was provided by Innovate Finance and the City of London Corporation. “This is a pivotal moment for the UK. There are significant opportunities offered by fintech – an area in which London already has unmatched global appeal. But for the UK to retain its position as world leader and continue to attract investment into the sector, it is vital to offer an environment which supports innovation. The Kalifa review offers a roadmap to achieving this. We welcome the review’s recommendations, including its call to maintain access to the global talent that is so essential to fintech’s success in the UK, and urge government to support its recommendations and help turbocharge this vibrant sector.” Catherine McGuinness, Policy Chair of the City of London Corporation Watch the report launch Recommendations at a glance: 5 point plan Deliver a digital finance package that creates a new regulatory framework for emerging technology Implement a “Scalebox” that supports firms focusing on scaling innovative technology Establish a Digital Economy Taskforce (DET) Ensure that fintech forms an integral part of trade policy Retrain and upskill adults in support of UK fintech by ensuring access to short courses from high-quality education providers at low cost Create a new visa Stream to enhance access to Global Talent for fintech scaleups Build a pipeline of fintech talent by supporting fintech scaleups to offer embedded work placements to Further Education and Higher Education students and kickstarters Expand R&D tax credits, Enterprise Investment Scheme and Venture Capital Trusts Unlock institutional capital to create a £1bn “Fintech Growth Fund” of sufficient scale to act as the catalyst in developing a world leading ecosystem Improve the listing environment through free float reduction, dual class shares and relaxation of pre-emption rights Create a global family of fintech indices to enhance sector visibility Deliver an international action plan for fintech Launch an international “Fintech Credential Portfolio” (FCP) to support international credibility and increase ease of doing business Drive international collaboration through the Centre for Finance, Innovation and Technology, and launch an International Fintech Taskforce Nurture the high growth potential of the top 10 fintech clusters Drive national coordination strategy through Centre for Finance, Innovation and Technology Accelerate the development and growth of fintech clusters through further investment such as in R&D "At Monzo, we’re really proud to be part of an industry that is always working to change finance for the better and give consumers more options. It’s why we’re supportive of this review’s recommendations which would help the next generation of financial technology companies get off the ground, while enabling established companies, like Monzo, to take it to the next level." TS Anil, CEO Monzo "It is essential to preserve and strengthen the UK’s position as the first choice to launch and grow a fintech business. I welcome the Fintech Strategic Review and the Government’s commitment to ensuring that the UK remains a world leader in innovation and growth. I know the importance of the UK’s commitment to innovation and to being the best place to start and scale a fintech. " Nik Storonsky Co-Founder and CEO Revolut "The UK is a fantastic place for fintechs to set up and scale and PensionBee has been a huge beneficiary of the supportive environment. I'm delighted to be working with Ron Kalifa and other industry leaders to ensure the continued innovation and prosperity across the sector as a whole, at a time when this is much needed." Romi Savova, CEO PensionBee 1 2 3 “At Monzo, we’re really proud to be part of an industry that is always working to change finance for the better and give consumers more options. It’s why we’re supportive of this review’s recommendations which would help the next generation of financial technology companies get off the ground, while enabling established companies, like Monzo, to take it to the next level.” TS Anil CEO, Monzo “As we start 2021, facing economic challenges across the globe, it is essential to preserve and strengthen the UK’s position as the first choice to launch and grow a fintech business. I welcome the Fintech Strategic Review and the Government’s commitment to ensuring that the UK remains a world leader in innovation and growth. As Revolut’s founder I know the importance of the UK’s commitment to innovation and to being the best place to start and scale a fintech. I hope the Review gives us the pathway to ensuring that the UK retains this leadership.” Nik Storonsky Co-Founder and CEO, Revolut Share: Share to LinkedIn LinkedIn Share to X Share to Facebook Facebook Share to WeChat WeChat Share to WhatsApp WhatsApp Share to Email Email Download Related content Research Report Expanding into the UK | a guide for international financial services firms Nov 2024 - This guide is intended to help non-UK firms understand the UK financial services regime and gives practical guidance about how they can do business in the UK. Expanding into the UK | a guide for international financial services firms Research Report State of the sector 2024 Nov 2024 - The financial services sector is a major driver of the UK's economy. Securing its competitiveness is critical for future prosperity across the economy. 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