With the UK’s history of sophisticated financial services, it is unsurprising that the nation is now leading the charge with FinTech innovation. Investments in the sector have grown at 74% a year in the UK and Ireland since 2008, compared with 27% globally and 13% in Silicon Valley.
The payments space in particular has been shaken by new entrants, with an average of £20 billion in annual revenue now generated across payments software, data and analytics platforms. The UK government is keen to maintain this momentum, and has announced a number of schemes to ensure the UK remains at the forefront of global innovation in the financial services sector – from appointing industry veteran Eileen Burbidge as the UK’s FinTech envoy, to announcing a regulatory sandbox for financial services innovators...
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