Innovate Finance has formed an International Fintech Group, to promote the UK’s booming startup scene in overseas markets.
The Group will convene for a period of 12 months to increase collaboration across the sector on initiatives which strengthen the UK’s standing as a global leader in fintech.
Innovate Finance and the Department for International Trade (DIT) will co-chair the Group, which will deliver initiatives that promote the UK FinTech sector in key international markets, and build awareness of existing and planned trade agreements, frameworks, and available support.
Its key objectives for the next 12 months include the creation and publication of a UK FinTech Trade & Investment brand that expands on the DIT “Made in Britain” campaign and the creation of a portfolio of more than 20 UK FinTech case studies, with a focus on those that have achieved success in overseas markets.
The first meeting of the new Group – which includes notable firms such as Revolut, Klarna and Checkout.com – will be held next month.
Janine Hirt, CEO of Innovate Finance, comments: “A year on from the Kalifa Review, important steps are being taken to further advance and strengthen the UK’s world-leading fintech sector and implement the report’s recommendations. The international focus was a core part of the Review, and I’m delighted that we are collaborating with the DIT to bring this key initiative to life.”
Alex Marsh, head of Klarna UK, comments: “FinTechs in Britain are disrupting the traditional banks from all directions, delivering better products, consumer experiences and building on capabilities like open banking faster than any other country. 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.”