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CBI launches campaign to get UK businesses to embrace fintech

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Confederation of British Industry (CBI) president Lord Bilimoria has launched a campaign to get more businesses using fintech to fuel growth.

Unveiling the ‘Winning with Fintech’ campaign on Monday, the crossbench peer will call for business and government backing to promote the UK’s fintech sector as a key opportunity, with a potential £32 billion additional revenues on offer by 2030.

Among the campaign’s aims will be to help non-financial firms get to grips with fintech as a means of embracing innovation, improving efficiency and competitiveness.

The CBI wants to explore how firms can work more effectively with fintech to unlock growth and efficiency opportunities – in areas including opening up new markets, improving payment flows and transitioning to net zero.

Bilimoria is expected to say: “Businesses need all the support they can get at present. Slow growth post-pandemic and supply chain struggles have been exacerbated by the terrible conflict in Ukraine.

“What firms need are fair winds and following seas, with fintech featuring a flotilla of benefits, making global trade smoother, payments easier and sustainability better.

“The UK’s world leading fintech sector is ideally placed to go from strength-to-strength in supporting businesses to manage risks and reduce costs in an uncertain world. The CBI will champion fintech by supporting businesses of all sizes across and sectors to seek solutions that will work for them.”

Source: Finextra
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