Letters: No time to call fin on fintech
[RE: UK fintech investment hits £27.5bn, a sevenfold increase in just twelve months, yesterday]
The sevenfold increase in UK fintech investment shouldn’t come as a surprise. If anything, the turmoil of the past year has highlighted the glaring need to move away from pre-pandemic infrastructure and embrace technology as the UK builds more efficient trading practices.
There is no better example of fintech’s role in the “new normal” than the technology-led solutions tackling SME cash flow difficulties – both by enabling faster payment and providing access to sustainable financing.
KPMG’s findings clearly show that fintech is answering this call to action. The UK Government is fortunate to have a world-leading fintech industry here, and the public is only just starting to become aware of it. We have the world’s best finance and deep technology expertise, built on nearly a millennium of scientific research.
This is a world-leading industry, driving jobs and growth for the UK.
Westminster needs to commit to more than a few meetings to build an inclusive environment conducive to growth. As we approach the first anniversary of the Kalifa review, the British Government should take stock and work in partnership with the industry to explore how fintech innovation can be further harnessed. The stakes are too high not to.
Paul Christensen