Government: Fintech is the future

Government: Fintech is the future



Economic Secretary Andrea Leadsom says that financial technology is at the heart of the Government’s plan for economic growth .

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Economic Secretary Andrea Leadsom says that financial technology is at the heart of the Government’s plan for economic growth.

Speaking at the Innovate Finance Global Summit Andrea Leadsom stated that "Financial Technology is the future".

Last year Chancellor George Osborne set out plans to make the UK a global hub for FinTech development and currently it's revenues are around £20 billion per year.

According to the Economic Secretary, Fintech is helping businesses become more effective and enabling the financial sector to run faster.

"There are some fantastic examples around FinTech at it's best having a direct impact on people's lives," said Andrea.

"Funding Circle and Zopa, which are allowing people to directly lend to small business in their community."

As of the end of 2014, NewFinance estimated that there is over 1,000 FinTech start-ups in the UK.

The challenge now for the Government is to keep momentum.

"We've also [been] reforming the peer-to-peer market consulting on ISA eligibility for crowd funding debt securities, announcing we'll review EU regulations standing in the way of P2P institutional lending and creating a bespoke regulatory framework for P2P," added Andrea.

"I know this is only the beginning, and I am very excited about where FinTech will take us next."



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