United Kingdom to Lead Fintech with New Recommended Blueprint

Britain’s crucial fintech sector has taken a hit by events like Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term and Coronavirus pandemic, but now a government-backed review recommended a blueprint to keep the island ahead of the growing international competitions.

The UK government published the review report headed by Ron Kalifa, former CEO of Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term fintech Worldpay, on Friday, which recommended a 'strategy and delivery model' to push the sector forward.

The recommendations include the setting up of a new billion-pound start-up fund, creating more jobs in the fintech industry, and a fast-track visa for fintech employees.

Further, it recommended the implementation of a 'scale-box' for regulatory support to the firms and also improvement in the public listing rules.

“Britain has a proud record of starting-up and scaling-up some of the best-known fintech products, but we cannot rest on our laurels,” Kalifa said in a statement. “We must continue to nurture our start-up culture, but crucially we must also give our high growth firms the support to become global giants.”

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Britain’s fintech industry is massive. According to the review, the country holds more than 10 percent of the global fintech market share, which contributes over £11 billion a year to the UK economy.

The need for the review emerged as the UK’s fintech dominance was threatened by the pouring of fintech investments in Australia, Canada and Singapore. Additionally, the impact of Brexit and COVID-19 hampered the growth of the crucial industry.

“With the right reforms that encourage entrepreneurialism, investment and make it easy to attract and invest in talent, Britain can usher in a period of dominance that can help us build back better from Covid-19,” Kalifa added.

“Fintech is one of the UK’s great success stories and will help us seize new opportunities around the world,” said Rishi Sunak, Chancellor of the Exchequer. “We must now build on our global reputation for fostering innovative start-ups and ensure firms can access the talent, finance and support they need to scale up here in the UK.”