City leaders have signalled that Fintech must get its own sector deal so that the United Kingdom can remain as a world-leading centre after Brexit.
The industry has been pushed to come together to ask the government to come up with a deal for the sector, which contributed around £6.6bn to the economy in 2016, to make sure that the United Kingdom remains as a global hub for fintech.
It is one of the several recommendations for the fintech industry that was put forward in a new report from the KPMG and the City of London Corporation.
“I hope that industry and government seriously consider these recommendations in this report, especially the possibility of a sector deal,” stated Catherine McGuinness, the policy chairman at the City of London Corporation.
“If they do then I am sure that fintech will continue to go from strength to strength in the years to come.”
A deal should focus on equivalency and harmonisation standards for regulation, public policy, and support for fintech bridges, which have already led to collaborations with numerous countries around the world.
“Many countries are now taking steps to attract and retain fintech companies,” said Paul Merrey, a KPMG strategy partner.
“A sector deal would be a major boost to the UK’s ability to maintain its status as a global fintech leader.”
The efforts of the City watchdog when it comes to supporting innovation were applauded. However, the report also asked for further efforts, while efforts to expand the growth of fintech beyond London should be made.
Its the newest push post-Brexit to ensure that the UK’s leadership in fintech continues. Startups and Banks at Canary Wharf’s Level39 last month drafted plans for an industry push.