Innovate Finance launches International Fintech Group
A new group of fintech companies has been created to increase collaboration between UK fintechs and promote the sector overseas.
The International Fintech Group will be co-chaired by Innovate Finance and the Department for International Trade (DIT), and will initially meet for 12 months.
Founding members include Klarna, Revolut and Checkout.com, with more members to be announced after the group’s first meeting next month.
The group was launched in response to the Kalifa Review of UK Fintech, published last year. The review called on the UK fintech industry to consolidate its position as a global leader in financial innovation.
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The main objectives of the International Fintech Group include creating and publishing a British fintech trade and investment brand which extends to the DIT ‘Made in Britain’ campaign; creating a dynamic portfolio of over 20 UK fintech case studies, with a focus on those that have been successful in overseas markets; and ensuring more than 20 UK fintechs participate in calls for submissions and consultations.
“One year on from the Kalifa review, significant steps are being taken to advance and strengthen the UK’s world-leading fintech sector and implement the report’s recommendations,” said Janine Hirt, Chief Executive of InnovateFinance.
“International orientation was central to the review, and I am delighted that we are working with DIT to bring this key initiative to life.
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“The International Fintech Group will be at the heart of the work we do to promote our UK fintech sector internationally, with the aim of boosting global cooperation and business relationships. Bringing industry and government together will help us better represent our great sector globally and cement fintech as an important international asset for the UK.
Investment Minister Gerry Grimstone said: “The UK is a global leader in the fintech sector, thanks to our highly skilled and creative workforce, fair regulatory system and ease of doing business.
“I therefore welcome the formation of the International Fintech Group, which will ensure the industry continues to have a voice overseas as we strike trade deals with countries around the world, breaking down barriers and opening markets to our cutting-edge businesses – especially in our leading fintech sector.
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