FinTech Scotland calls for more industry research
A new report by FinTech Scotland and FinTech Wales calls for greater research and innovation into the fintech market to increase development and support growth during a time of seismic change in the UK.
Titled Research and Innovation for UK FinTech, the study outlines several areas where research and innovation could increase sector growth and provide more jobs.
Currently, data shows the United Kingdom is second only to the US in terms of fintech development and growth – and is leading Europe by a substantial margin. In 2020, there were 408 deals in the UK, accounting for just under half of the US$9.3bn invested across the whole of Europe.
FinTech Scotland and FinTech Wales stated in the report that longer-term research and innovation ecosystem across the UK is required to support the sector that already employs 60,000 people and is estimated to be worth $95.6bn.
The report states that for the UK to maintain its global edge in fintech services throughout Brexit and the COVID-19 crisis, “a paradigm shift is required.” It continues, “This will include adoption of FinTech innovation across the whole financial services sector, the broader economy and society. A more strategic and systematic approach to research and development (R&D) is also required, to drive cross-industry collaboration, inclusive citizen participation and academic engagement.”
Further data is expected to shape these decisions when the FinTech Strategic Review reports its findings and recommendations to HM Treasury in Q1 of 2021.
Five key actions have been recommended in the study to create better development and longer-term R&I across the UK, namely:
· Setting out longer-term requirements for Fintech R&I in collaboration with industry experts
· Supporting “challenge-led innovation programmes” to generate new ideas
· The development of a FinTech Innovation Institute through regional fintech partnerships
· Support of these actions by industry experts, regulators, researchers, and academic organisations
· Contributions led by UK-based fintech companies providing a connected market network
FinTech Scotland experts are optimistic about the future of services and growth in the UK, despite the current market challenges. FinTech Scotland CEO Nicola Anderson explained, “We know from experience that fintech across the UK offers real potential for economic growth, future employment, and greater financial inclusion.
She continued, “This paper proposes a suite of purposeful and collaborative actions that can achieve success through commitment and regional contributions. The paper is just the start and we’re looking forward to continuing this work with fellow fintech leadership colleagues and teams across the UK.”
FinTech Wales CEO Sarah Williams-Gardener, agreed, saying a clear plan is required to secure a more prosperous future for fintech through innovation. “We need to act now to ensure that we can continue to grow in fintech and not fall behind our international competitors.”
Williams-Gardiner also said innovation was critical to success. “We must create an environment where opportunities to innovate – and break through the crowd – can be achieved. The importance to build back better post-Covid-19 is even more pressing. If we don’t commit to providing the right conditions now for our fintech innovators, we will almost certainly lose out to our international competitors.”
Ron Kalifa OBE and former CEO of Worldpay, who is leading the Government's fintech review added, “We are delighted to see FinTech Scotland and FinTech Wales combining forces to propose a UK-wide joined-up approach to fintech innovation. We all have a common goal to make UK fintech resilient and prosperous on the global stage.
The Ultimate FinTech & InsurTech LIVE Event
From October 12th-14th, 2021, BizClik’s FinTech & InsurTech event will bring together influential executives from around the world. Streamed live from Tobacco Dock, London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future.
With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech 2021 will expand your network, deliver insight, and enhance your organisation’s reach.
Already confirmed speakers include Colin Payne, VP & NextGen FS Global Lead at Capgemini; Dipu KV, President and Head of Operations & CX at Bajaj Allianz General Insurance Company; Bryan Caroll, CEO at TNEX; and Lucy Demery, Managing Director at Barclays.
The event will include:
- Keynote addresses from respected industry leaders
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Meet the Speakers
Each week, from now until the event, we’ll be announcing the latest speakers who are set to grace our physical or virtual stage, prepared to share their knowledge and insight with attendees.
Our second batch consists of:
Currently the Senior Vice President of Business Development & Fintech for Mastercard UK & Ireland, a position he’s held since 2014, Abraham describes himself as “a proven and successful senior sales leader with experience across a wide range of industries, sectors, and channels.”
Graduating from the University of Northampton in 1994 with a BA in Economics and Law, he worked for nine years at Sainsburys - eventually responsible for banking the company’s revenue and running its ATMs - and then Barclaycard for three years as Head of Client Management. In 2007, Abraham became VP of Client Management at American Express, and then VP and GM Global Supplier Relations EMEA in 2012.
In his current role at Mastercard, Abraham is accountable for the acceptance of all payments and products through all channels, devices, and technologies across UK and Ireland. In addition, he oversees the deployment of innovative new payment tech within the region.
Fraser-Hawkins’ role as CEO, UK Corporate, at Marsh McLennan is the continuation of a long and successful insurance career, which has included being London Sales Director for JLT Group and Branch Director for Willis Towers Watson.
Marsh prides itself on being a company that hires top-tier talent, does work that impacts peoples’ lives, and offers its employees the opportunity to make a difference. This is clearly an attitude that aligns with Fraser-Hawkins’ own values; regarding the insurer’s UK Young Professionals initiative, a support network to help young professionals in their development, he said:
"I am passionate about developing talent and our Young Professional CRG provides a brilliant community for our Young Professional colleagues to discuss key issues relevant early in their careers, as well as an environment to promote the skills, learning and network for success."
Massaro is currently the CEO of Boston fintech Flywire, a role he took on in 2013. He first joined the team in 2012 as VP of Business Development, but it wasn’t long before his entrepreneurial skills were redirected to leading the entire company’s high-growth strategy worldwide.
An expert in domestic and international payments and billing, enterprise technology sales, strategic alliances, enterprise software, SaaS, product management and marketing, and much more, Massaro is a consummate finance professional whose credentials befit the leadership of a prominent global payments fintech.
His previous positions include Consultant at PwC and Product Line Manager at Oracle, and he maintains a Mentor role at startup accelerator MassChallenge. He graduated magna cum laude from Babson College with a BS in Information Systems and Finance.
This event is set to be one of the year's most unmissable. If you want to get leading perspectives on the future of fintech and insurtech, go to Eventbrite and purchase your tickets now.