A new Government-backed body to help UK fintech firms achieve global status has launched in Leeds.
The Centre for Finance, Innovation and Technology (CFIT) aims to harness the success of the UK's fintech sector, which it says is responsible for tens of thousands of jobs and only second to the US in terms of global investment. Economic Secretary to the Treasury, Andrew Griffith, was in the city to announce the move which is in response to the the Kalifa Review.
The report, led by former Worldpay executive Ron Kalifa, called for a range of measures including a fast-track visa system for fintech scale ups and reform of the UK's listing regime to preserve its position as a capital markets hub. The CFIT will establish "financial innovation hubs" which the Government says will benefit places such as Leeds.
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Mr Griffith said: "The UK is a world-leading location for fintech growth and investment - it’s a real British success story and one that’s spread across the whole UK. Today’s launch of the Centre for Finance, Innovation and Technology doubles down on this, boosting prosperity and investment in exciting cities for growth and innovation such as Leeds. It’s also great to see the UK Infrastructure Bank delivering on its mission to invest in the clean energy revolution and on much needed infrastructure - using its £22bn of taxpayers' money to help communities across the UK.”
Charlotte Crosswell, chair of CFIT, said: "The launch of CFIT today represents a significant moment for the UK’s fintech sector and our economy more widely. This organisation will enable us to come together as a sector to start breaking down barriers that the fintech sector is facing while creating a clear path for our homegrown fintech companies to achieve global scale, impact and success.
"Today’s announcement marks an important first step in our work supporting the growth and development of the UK fintech sector by empowering its talented innovators and trailblazers in every corner of the country.”
Mr Griffith was also in Leeds to visit the UK Infrastructure Bank's site which is expanding to take on about 280 staff in addition to the 180 it already employs.
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