UK FinTech: On the cutting edge

An evaluation of the international FinTech sector

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In August 2014, the Chancellor of the Exchequer, George Osborne, announced the UK Government’s ambition to make the UK the “global capital of FinTech”.

As part of the Government’s work to realise this, Harriett Baldwin, Economic Secretary to the Treasury, commissioned EY to produce this benchmarking study of the UK and selected international FinTech ecosystems.

The study aims to assess how the UK FinTech ecosystem compares to that of California, New York, Germany, Singapore, Hong Kong and Australia, regions selected by HM Treasury because of their status as notable FinTech hubs.

Across the seven regions, the report considers four attributes essential to a FinTech ecosystem:

  • talent
  • capital
  • policy, and
  • demand.

We use this framework to assess international best practice, and propose recommendations to maintain the UK’s position as a leading FinTech centre.

The analysis, views and recommendations expressed in this report were informed by over 65 stakeholder interviews held with FinTech firms, investors, trade associations and policy makers across the in-scope jurisdictions.