CCRSP’s New Employment & Skills Plan 2022-25 Identifies FinTech as Priority Sector
The Plan reflects the priorities highlighted in the Programme for Government 2021-26 and Stronger, Fairer, Greener Wales: a plan for employability and skills, and has been led by the CCRSP in collaboration with business, education and training providers and key stakeholders.
Recommendations set out through the Plan will help to shape and influence Welsh Government‘s approach to funding post 16 learning, and details how actions will support the Cardiff Capital Region (CCR) Industrial and Economic Plan to accelerate economic and inclusive growth in the region.
The 2022-2025 Employment and Skills Plan focuses on six key prioirty sectors (with FinTech being identified as one) which with some intervention CCR believes to be able to make the greatest impact on boosting productivity, accelerating economic growth and improving social prosperity.
FinTech Wales was delighted to contribute to the Plan by sharing insights from our working skills group, and feedback from the successful skills activities and initiatives we’ve had to date.
Our Head of Skills, Gemma Hallett commented: “We have a great relationship with the CCRSP team, and their vision for the sector and the region is very much aligned with FinTech Wales’ overall strategy and approach. We’re committed to actioning the recommendations laid out in their 2022-2025 Employment and Skills Plan, and leveraging the opportunities that provide immediate impact for our members. We’ll also be looking at sustainable activities and collaborations across the region to drive awareness of viable career options within FinTech.”
The Plan states that “Wales has the fastest growing digital economy outside of London, and the growth of the financial and professional sector in Wales has led to a thriving FinTech industry. Across the region, companies such as Admiral are among the region’s largest employers. The Welsh FinTech scene is now one of the most active in the UK thanks to its innovative talent pool and growing investment opportunities. Wales’ thriving tech ecosystem, with its growing supply chain and entrepreneurial universities, provides a firm foundation for FinTech to thrive.
With Welsh FinTech hubs located in Cardiff, Newport, Swansea and Wrexham, almost 40,000 people are actively employed within the FinTech industry in Wales. The technology sector is worth an estimated £8.5bn to the Welsh economy, and it is continuing to grow with financial and professional services in tow. There is a vibrant community in Wales’ technology scene, which allows start-ups, investors and larger companies to meet and share ideas through accelerators and incubators as well as networking events and flexible workspaces. Furthermore, Wales is home to the first financial technology undergraduate degree.”
Skills Issues and Challenges:
“The sector, in summary, is experiencing a range of skills gaps and shortages. Also, FinTech companies often demand an evolving skillset to remain competitive and keep at pace with technological developments. Therefore, a skilled talent pipeline in the right geographical area is vital. Along with soft skills, technical skills including blockchain, distributed ledgers expertise, cybersecurity, programming, machine learning and AI are all sought after skills within FinTech. High demand for these skills is a direct result of the growing trends in digital and enabling technology showing the clear connection between the skills in demand and the digital technology trends complementing one another.”
The 2022-25 plan also identifies the following Sector Challenges and Opportunities pertaining to the FinTech Sector:
- Enhance skills and talent pipelines and build on approaches to careers education, information, advice and guidance to promote the sector as a viable career.
- Explore the potential development of high quality work experience placements in partnership with employers and key stakeholders.
- Further develop academics and bootcamp provision and align to the needs of the Fintech sector.
- Work to ensure that apprenticeship frameworks reflect the needs of the sector and further explore opportunities through both shared and degree apprenticeships.
- Embrace opportunities for FE skills competitions and explore potential engagement as part of the World Skills UK Agenda.
- Work with regional HEIS to develop fir for purpose provision and better align to the needs of FinTech employers.
- Work with Welsh Government to ensure funded support for training is aligned to the needs of the sector.
- Capitalise on opportunities presented through The UK Government Levelling Up Agenda, and the Shares Prosperity Fund (SPF).