A ‘safe harbour’? London needs more ambition than that
Boring stability might win London short-term preference, but it won’t see us win the race for any bigger prizes, writes Janine Hirt
London should go for more than stability
While London’s April sun has been a welcome surprise this month, its warmth was matched by the energy of UK Fintech Week. The event highlighted a sector responsible for over half of the UK’s unicorns, and one that continues to drive innovation and economic growth across the board.
Many of last week’s discussions framed London as a safe harbour – a stable choice in a volatile world. But while stability might win short-term preference, it won’t see us win the race for the bigger prize.
As I told our delegates at the Innovate Finance Global Summit last week, we are at a key inflection point.
Right now, the UK faces a significant opportunity. We are in the midst of huge geopolitical shifts and on the cusp of industrial transformations driven by agentic AI, smart data, and digital assets that will determine the future of both the UK’s fintech sector and the global economy.
The UK has the chance to solidify its place as one the global leaders in fintech, and build on its reputation as a centre for innovative startups, scaleups and global champions. We have the very best entrepreneurs in the world, unparalleled and diverse talent pools drawn from across the country and all around the globe.
But if we don’t move fast enough and fail to incentivise entrepreneurs to build, scale and keep their businesses here, the window of opportunity will close.
Innovate Finance has just launched its cross-economy campaign Let’s Go for British Stablecoin campaign – setting out proposals for how digital assets could be more effectively integrated into the wider economy, and urging for swift action from government and regulators to secure Britain’s competitive stablecoin position.
UK entrepreneurs have no shortage of confidence in their ability to overcome obstacles and drive progress. If we can match that entrepreneurial energy with government ambition and regulatory innovation, the UK can retain its place as a global leader.
The young tech talent to look out for
There is nothing quite like the electric atmosphere of Pitch360 to remind you why this industry is so vital. Leadership and investors alike watched founders distill years of hard work into high-pressure, three-minute sprints. Huge congratulations to startup winner Serene, an AI platform tackling digital isolation by spotting early signs of financial distress. Kudos to scale-up winner Yavrio, whose work using open banking to fix fractured financial infrastructure is a perfect example of moving past the systemic friction that often holds businesses back. These are the innovators anchoring our future growth economy.
My TV pick
I very rarely watch TV, but there is one series which I always turn on when I need a pick up or a respite when the geopolitical news feels a bit too much – Ted Lasso!! It’s a brilliant reminder that energy, a can-do-attitude, teamwork and kindness can make amazing things happen.
Janine Hirt is the CEO of Innovate Finance