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FinTech Scotland and FinTech Wales announced on Tuesday have released a report proposing increased Research and Innovation (R&I) to drive acceleration in fintech development across the UK, nationally and regionally to support growth and new jobs. The report, entitled “Research and Innovation for UK FinTech” jointly authored by Gavin Powell and Johnny Mayo of FinTech Wales along with Nicola Anderson and Stephen Ingledew of FinTech Scotland
According to the duo, the report revealed a number of key actions to build longer-term Research & Innovation across the UK, including:
- Challenge led innovation programs identified through collaborative national and regional exercises to develop ground-breaking propositions through a funded research pilot program
- Mapping the longer-term needs for FinTech R&I in partnership with established researchers to develop support through a long-term funding portfolio
- The development of a FinTech Innovation Institute by collaboration of UK fintech regions to lead the steering and operation of a long-term funded portfolio
- Regional fintech contributions that leverage the local strengths and connected networks to help drive economic growth and build greater resilience across the UK
Both organizations also stated that the proposed actions have been supported by contributions from experts across industry, regulators, research experts and academic organisations across the UK. Speaking about the report, FinTech Scotland CEO, Nicola Anderson, shared:
“We know from experience that fintech across the UK offers real potential for economic growth, future employment and greater financial inclusion. 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.”
Sarah Williams-Gardener, FinTech Wales CEO, added:
“We must create an environment where opportunities to innovate – and break through the crowd – can be achieved. The importance to build back better post Covid19 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.”
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