FinTech50
UKTI & THE FINTECH SECTOR
Sue Langley, UKTI Financial Services Organization, Chief Executive
T
here are a number of compelling reasons why financial services investors historically choose the UK.
Our business-friendly environment, highly skilled
workforce, competitive tax regime, global links, excellent
ICT infrastructure and supportive stance for innovation all
combine to make the UK a world class business location.
However we cannot be complacent. With well-established
and emerging financial centres elsewhere in the world
providing attractive support to their financial services
sectors, the UK has to remain ever vigilant to maintain its
competitive advantage and to stay one step ahead of the
game if it is to become the number one choice for investors.
As Chief Executive to the UK Government’s newly
created UK Trade & Investment (UKTI) Financial Services
Organization my ambition is clear. To attract high value
investment into the UK’s financial services sector; and to help
companies already here to export their services and to grow
their business overseas.
It is Government’s responsibility to help create the
right conditions for a thriving financial technology sector
and, within that, the role of the UKTI Financial Services
Organization to work closely with industry partners to ensure
a co-ordinated and focussed approach to marketing the
UK’s industries, thus playing a central role in attracting high
quality foreign direct investment to grow the UK economy.
And, once here, help support companies in expanding their
UK operations and increasing their trade overseas.
The industry is an emerging sector and has great potential
as FinTech increases in size and importance. According to
Frost and Sullivan, financial institutions in the UK spent
€9bn on ICT in 2011 and the market is expected to grow to
approximately €10bn by 2016.
The role of technology is clear in the financial services
sector.
Technology is responsible for almost every integral
function in the UK insurance sector from underwriting to
risk management to customer relationship management.
Technological change has revolutionised the way financial
assets are traded and opportunities exist for technology
providers who can reduce transaction times.
The UK is one of Europe’s largest markets and leading
innovators in e-payments.
The UK is the second