KPMG and the City of London Corporation have outlined 10 recommendations to keep the UK as the global fintech leader, a sector that contributed £6.6bn to the economy last year.
The report suggested the government must secure a deal to collaborate with the fintech industry in developing a single public policy, vision and strategy for fintech, driving standards, and supporting fintech bridges with other countries.
The Big Four firm and the local authority services provider said the government should continue to build the UK’s profile as a global fintech hub by developing a related policy position, vision and strategy.
However, they warned the government must provide “as much clarity as possible on Brexit” and implement a campaign to engage the fintech ecosystem.
The report also recommended clarified regulatory perimeters for fintechs, procedures to support regulated fintechs and support for UK regions to partner with incumbents and become centres of fintech growth.
Catherine McGuinness, policy chairman at City of London Corporation, wanted the government to consider a sector deal and added that while there was a lot of focus on the customer end of fintech, “Businesses, not just those in financial services, need to embrace it too”.
KPMG UK strategy partner Paul Merrey said, “Today’s report highlights the key areas fintech is making a difference, including improving financial inclusion, customer experience and transparency.
“Many countries are now taking steps to attract and retain fintech companies. A sector deal would be a major boost to the UK’s ability to maintain its status as a global fintech leader.”
In August, Tony Duggan, CEO and co-founder of Crossflow Payments, wrote to economia about how fintech is disrupting supply chain finance.
He said that the supply chain finance market’s revenue is expected to grow by 15% in the coming years and fintech providers will likely leverage new technology to make the market accessible for corporates and SMEs alike.