Innovate Finance launches International Fintech Group
A new group of fintech firms has been established to increase collaboration among UK fintechs and promote the sector abroad.
The International Fintech Group will be co-chaired by Innovate Finance and the Department for International Trade (DIT), and it will initially convene for 12 months.
Founding members include Klarna, Revolut and Checkout.com, with more members due to be announced following the group’s first meeting next month.
The group was launched in response to the Kalifa Review of UK Fintech, which was published last year. The review called for the UK fintech sector to solidify its position as a global leader in financial innovation.
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Key objectives of the International Fintech Group include the creation and publication of a UK fintech trade and investment brand that expands on the DIT “Made in Britain” campaign; the creation of a dynamic portfolio of more than 20 UK fintech case studies, with a focus on those that have achieved success in overseas markets; and ensuring more than 20 UK fintechs participate in calls-for-input and consultations.
“A year on from the Kalifa Review, important steps are being taken to further advance and strengthen the UK’s world-leading fintech sector and implement the report’s recommendations,” said Janine Hirt, chief executive of Innovate Finance.
“The international focus was a core part of the review, and I’m delighted that we are collaborating with the DIT to bring this key initiative to life.
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“The International Fintech Group will be central to the work we do to promote our UK fintech sector internationally, with the aim to boost global cooperation and trade relations. Bringing industry and government together will help us better represent our great sector on a global scale, and cement fintech as an important international asset for the UK.”
Minister for investment Gerry Grimstone said: “The UK is a world leader in the fintech sector, thanks to our highly-skilled and creative workforce, fair regulatory system and ease of doing business.
“So, I welcome the formation of the International Fintech Group, which will ensure that the sector continues to have a voice overseas as we strike trade deals with countries across the world, breaking down barriers and opening up markets for our cutting-edge companies – not least in our leading fintech sector.”
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