Connect with us

Hi, what are you looking for?

Metaverse CapitalistsMetaverse Capitalists

Business

Fintech ‘innovation hubs’ set to launch around the UK in levelling up push

A host of “innovation hubs” are set to be launched in cities across the UK today as part of a Treasury-backed plans to boost the growth of fintech beyond London.

The hubs have been announced as part of the launch of the new Centre for Finance, Innovation and Technology (CFIT), a key recommendation of the government-commissioned Kalifa review of fintech two years ago, led by former Worldpay boss Sir Ron Kalifa.

Innovation hubs will now be set up across the country, with centres in Wales, Northern Ireland and Scotland, as well as Leeds, Manchester, Newcastle, Birmingham and Bristol. CFIT will act as a “central convening force” and set “strategic priorities and drive growth in the sector”, the organisation said today.

The chair of CFIT and former Open Banking Implementation Entity chief Charlotte Crosswell hailed the launch as a “significant moment for the UK’s fintech sector and our economy more widely”.

“The UK is already a leader in fintech but the global race for leadership is very competitive, CFIT’s job is to scale fintech UK-wide, galvanising the devolved administrations, metro mayors and universities to unlock the next chapter of growth, skills and job creation.” Crosswell added

CFIT also announced it will partner with universities around the UK to offer placements to students, in an attempt to boost the flow of domestic talent to fintech firms.

Fears over the supply of skilled workers to the UK’s innovation has been brought into sharp relief in recent weeks after the Treasury withdrew the funding of tech body Tech Nation, which ran a visa programme to fast track tech workers into the UK.

The Treasury backed CFIT with £5.5m in seed funding in 2021 under then-chancellor Rishi Sunak, which Sir Ron Kalifa described as the “outstanding piece of the jigsaw” needed to deliver a full strategy for the national fintech sector.

In a statement today, Kalifa said he was “thrilled” to see CFIT launch and said it would help the UK drive growth in the sector.

“I have no doubt that it will enable the UK’s fintech sector to become more competitive, and I look forward to seeing the impact it will have across the UK in the weeks, months and years to come,” he added.

Read more:
Fintech ‘innovation hubs’ set to launch around the UK in levelling up push

    You May Also Like

    Business

    In the UK, the care sector is under incredible strain, it’s good to know there are people working hard to address the issue. One...

    Business

    With the increased threat of industrial strike action looming across the UK, we consider whether a force majeure clause can strike the right chord...

    Politics

    On January 10, the French government announced plans to raise the retirement age from 62 to 64. The change would mean that after 2027,...

    Business

    Facebook is being challenged in the High Court over the personal details it collects on users in a case that threatens the company’s business...

    Dislaimer: pinnacleofinvestment.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 metaversecapitalists.com | All Rights Reserved