The Chancellor has today made a landmark announcement detailing the government’s fintech strategy. Speaking at the International Fintech Conference, Philip Hammond stated the importance of solidifying the UK’s dominance in the world of fintech.
Commenting on the strategy Flavia Alzetta, Contis’ Chief Executive Officer, said:
“This landmark government initiative shows that we’re all millennials now. Over the years, we have learned to expect useful information to be presented to us immediately and in an impactful way, and we now rightfully expect that of our finances. The importance the Chancellor has placed upon fit-for-purpose infrastructure that is reliable, real-time and sufficiently flexible to support the breadth of great ideas is crucial in making the potential of UK fintech a reality for millions of users.
“Legislators have been great supporters of the fintech goal to democratise banking and present customers with their data in ever-more useful ways. It’s a welcome, bold move to suggest leveraging Brexit to create a more global marketplace where the great strides we have made in the UK and Europe can be replicated elsewhere. The Chancellor is clearly pinning a lot of hopes on fintech being a major economic driver after 2019, so it’s time for the sector to make the leap from ideas to working solutions.
“Fintechs are already having an impact on a nationwide scale. Imagine a world when customers are presented with accurate information that allows them to optimise their debts, savings, bills and everyday expenditure at the click of an in-app button. It’s positive to see that the government recognises the benefits of initiatives that put the customer in control and democratises the availability of their data to deliver enhanced customer experiences.”
You can view the full Chancellors speech here: https://www.gov.uk/government/speeches/chancellors-speech-international-fintech-conference