The report ranked Britain first amongst the world’s seven leading FinTech hubs, from Silicon Valley to Hong Kong.
These FinTech markets were compared against four key criteria: the availability of talented staff, access to investment, the nature of government and regulatory policy, and the demand for FinTech services.
The report found that the UK has a particularly good policy environment for FinTech, with the most supportive regulatory regime, and praised the Financial Conduct Authority (FCA) as one of the most progressive regulatory bodies in the world when it comes to FinTech.
The report by EY was commissioned by HM Treasury, to compare the UK environment for FinTech against other leading FinTech hubs internationally.
EY’s conclusions are based on detailed analysis of FinTech practises across the globe, and interviews with over 65 FinTech experts.
The report also makes a number of recommendations, in order to ensure that the UK cements its position as the world’s leading FinTech ecosystem.
Rajesh Agrawal, Founder and CEO of Xendpay – a company that claims it is ‘world’s first “Pay What You Want” online money transfer service’ said: “The UK, and London in particular, has been a beacon for FinTech innovation and it’s very exciting to witness.
“From mobile money to app development, advances in the industry are snowballing at a rate never seen before. With its unique position as a platform for new ideas at the crossroads of Europe and the rest of the world, the UK’s fintech sector definitely has a bright future.”
Britain’s FinTech sector supports over 61,000 jobs and generates billions of pounds of revenue for the UK’s economy.
Its development has kept the UK’s financial services sector on the cutting edge of innovation, and has increased competition and choice in banking, helping customers and businesses to get better services.