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UK FinTech Week 2022

Categories: Financial, Professional and Business Services

Related sector

 Financial, Professional and Business Services

Overview of UKFW & IFGS

This week marked FinTech Week 2022 where industry founders, practitioners, policymakers, academics, regulators and media from around the world gather in London to discuss and learn about all things FinTech. During the week, attendees and speakers assessed the state of FinTech in the UK in both London and the wider regions like Manchester. The UK is in 2nd spot globally for FinTech investment in 2021 behind the US and raised more money than all other European countries combined and Manchester is a key part of that success story from a UK perspective.

MIDAS' Financial, Professional and Business Services Team joined industry colleagues at the historic Guildhall in the City of London for the Innovate Finance Global Summit where they discussed and debated the crucial issues facing the sector and beyond.

  

Outcomes/Key Points

Some of the key themes and discussions during the conference was The Kalifa Review One Year On where Manchester was named as the second most significant established FinTech cluster in the UK after London. Manchester, together with its' respective 'Pennine cluster' partner Leeds, has 135 FinTechs, the highest cluster count of fintech companies outside of London, with 13% of high growth FinTechs nationally being headquartered here. Colleagues from Manchester and Leeds have been working together since the release of The Kalifa Review to formulate what the Pennine Cluster will mean for the region and we look forward to working further with our partners across Greater Manchester and the wider Northern Powerhouse to continue to attract and support FinTech companies to Greater Manchester and further promote our city region as a leading FinTech hub globally.

Other key topics during the conference were the UK's Regulatory landscape where the Financial Conduct Authority's Regulatory Sandbox was praised for the way it allows firms to test innovative propositions in the market with real consumers whilst continuing to draw in firms keen to test their business models, products and services in the market. Sebastian Siemiatkowsi, CEO and co-founder of Swedish fintech giant Klarna, told attendees that he is “very excited” about post-Brexit regulation in the UK.

Speaking during a fireside chat at the IFGS, the Klarna chief explained:

“ What I’ve seen in the UK – which makes me very excited – is this amazing moment and drive and interest to take away some of the bad practices from Brussels in Europe, and actually write out regulation that keeps in mind that the strongest force is the customer,

The leading global retail payments provider best known for its Buy-Now-Pay-Later offerings that helps consumers save time and money, recently launched ‘Klarna Kosma' to harness the rapid growth of its world-leading Open Banking platform providing simple access to more banks than any other Open Banking provider and rapidly reducing the time for new fintech services to reach global scale. This comes on the back of Klarna expanding its Manchester office over the last 12 months and continuing to grow their Tech and Digital functions here in the city. The Swedish Unicorn were one of the most talked about names at UK FinTech Week and their growth is a big success story for Manchester’s FinTech industry.

But one of the most talked about topics during the IFGS was the speech by John Glen MP on new legislative developments around crypto assets. The Economic Secretary to the Treasury spoke at the Summit where he discussed the landscape of FinTech in the UK and announced new legislative developments on crypto assets and Blockchain services and products. The UK Government will be legislating to bring certain stablecoins into the payments framework, creating the conditions for stablecoin issuers and service providers to operate and grow in the UK.

“ If crypto-technologies are going to be a big part of the future, then we – the UK – want to be in, and in on the ground floor. In fact, if we commit now, if we act now, we can lead the way. We see enormous potential in crypto, and we want to give ourselves every chance to take maximum advantage. Having robust and effective regulation won’t hinder innovation, it’ll actually boost it – by giving people and businesses the confidence they need to think and invest for the long-term.

  

As well as the Innovate Finance Global Summit, MIDAS colleagues also attended an event hosted by Deloitte in collaboration with Onfido for senior members of the fintech ecosystem to celebrate UK Fintech Week as well as a Drinks Reception at Mansion House hosted by The City of London Corporation where the Lord Mayor of London, Vincent Keaveny, addressed attendees and praised the success of the UK FinTech sector. MIDAS also attended a DIT Regions Day at Smith & Williamson's City office where MIDAS joined other UK regions in presenting Manchester's regional proposition to a host of international FinTech delegates. This was followed by a DIT reception at Norton Rose Fulbright's office where delegates had the chance to find out how MIDAS can help incoming FinTechs to set up and thrive in Greater Manchester through our free package of support.

MIDAS would like to thank Innovate Finance, The Department of International Trade, The City of London Corporation and Deloitte for their support during UK FinTech Week.

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