UK Government kicks off fintech review

The UK Government has commenced a review into the nation’s fintech industry, viewed as a key lynchpin in the country’s economic recovery from the Covid-19 pandemic.

The independent Fintech Strategic Review, led by Ron Kalifa OBE, former CEO of Worldpay, will “establish priority areas for industry, policy makers, and regulators to explore in order to support the ongoing success of the UK fintech sector”.

The UK fintech industry is estimated to be worth around £7 billion to the economy and employs around 60,000 people nationwide.

Says Kalifa: “Technology has a vital role to play in the UK’s Covid-19 economic recovery. The fintech review will ensure that we can leverage this innovative technology to help consumers and businesses, through a joined-up strategy that combines investment, skills and policy to deliver it.”

At an inaugural meeting of the Governance board on Monday, five workstreams were established to provide recommendations on skills and talent, investment, national connectivity, policy, and international attractiveness.

The review is expected to report back to HM Treasury at the start of next year.