FinTech Wales responds to the Kalifa FinTech Review

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The Kalifa Review of UK FinTech has today been published and you can read the response from FinTech Wales here:

Sarah Williams Gardener, CEO of FinTech Wales:

“This has been a huge data-driven piece of work that has highlighted the important role FinTech can play in driving economic recovery by creating jobs, developing global trade and enabling financial inclusion.

“There is a real opportunity to capitalise on FinTech across the UK, the Covid-19 pandemic has undoubtedly helped to speed up digital adoption across so many areas of our lives, but we now have a “moment” in which to build on this and make sure that the UK remains at the forefront of FinTech. The review recognises this and that, importantly, we must not be complacent while other FinTech powerhouses gather momentum.

“The review highlights the power of “Clusters” across the UK as powerful economic and social development tools that empower innovation and show more resilience – and how the clusters must work together to build a “whole that is greater than the sum of its parts”. Wales has been identified as one of the top ten clusters in the UK. We are proud of our thriving FinTech ecosytem and will take learnings from this report to further develop our strategy to support innovation, create jobs and economic growth. Collaborating across the UK Fintech clusters to drive further research and development, supporting the levelling up aspirations.

“Nurturing start-ups is an absolute must, but we must not forget the scaling businesses and the importance of vibrant leadership at a local level, which will ensure that those businesses continue to have the right environment in which to grow and flourish – in Wales alone, we have a huge FinTech presence, with businesses such as Admiral, Yoello, Wealthify and GoCompare having a real impact on the way Britons manage their finances.”

Louise O’Shea, CEO of Confused and FinTech Wales advisory panel member, said on the report:

“Wales is already a prominent place for FinTech businesses, with companies like, Wealthify and Delio having established long term roots here. But the publication of the Kalifa report puts a spotlight on the FinTech industry and acknowledges how important it is to support further growth.

“The review reinforces Wales’ position as a FinTech hub within the UK and means that as businesses, we’re able to be even more active in developing innovations and skills, while creating additional jobs in the industry. This will only accelerate the opportunity for positive change and help position us as being world leaders in FinTech.”

The review sets out a five-point plan to leverage the opportunity to play a significant global fintech innovation role going forward, which is as follows:

1. Policy and Regulation – ensuring an environment that protects consumers while enabling fintech to innovate and encouraging competition.

2. Skills – supporting the supply of domestic and international talent and the means to train and upskill current and future workforces.

3. Investment – developing the availability of funding from start-ups right through to IPO.

4. International – accelerating a targeted approach to exports and inward investment.

5. National connectivity – leveraging the output of FinTech organisations across the UK and building on the existing connectivity and collaboration.

Don’t forget that FinTech Wales is hosting an online chat with Ron Kalifa OBE on 3rd March at 1:30pm. The webinar will be a Q&A session where Ron will talk about his career in FinTech, as well as talking about some of the outputs from the Fintech Strategic Review.

Tickets for ‘FinTech Wales in conversation with Ron Kalifa OBE sharing his journey’ which takes place on March 3rd, 1:30pm, and are available here;