Exporting to UK FinTech Sector to Help Build Back Better
- Ministry of International Trade Announces Export Support Package for the World’s Leading Fintech Industry to Boost Trade, Jobs and Economic Growth.
- Support includes a tailored FinTech Export Academy and FinTech Champions program to provide industry-specific 1-2-1 advice.
- The FinTech sector employs around 76,500 people in the UK and represents over £ 11 billion to the economy.
Promoting the UK as a global hub for FinTech and digital services, the Department for International Trade (DIT) has announced a series of measures that will help strengthen our presence in overseas markets.
On the occasion of this year’s UK FinTech Week, new industry support will help businesses more directly, ensuring they have the capabilities to export their products so UK businesses can become leaders global fintech and industries of the future.
This includes the creation of a new bespoke Export Academy that will give companies free advice on issues such as legal, tax, regulatory, accounting and market entry issues, thus making their export journey shorter and smoother.
The UK is home to a diverse pool of talent, innovation and FinTech capabilities. A new DIT Fintech Champions program is also being created which will leverage this pool and work with industry leaders to elevate the UK’s status as a global FinTech hub, as well as promote the ‘expansion in the world and help companies develop and strengthen their skills.
The UK is already a world leader in this area, holding more than 10% of the global market share and is home to around 1,600 FinTech companies, which are expected to more than double by 2030.
Consolidating the UK’s position as a global pioneer in the wider tech sector, the FinTech industry contributes more than £ 11 billion a year to the UK economy and supports around 76,000 jobs across the world. country.
With a growing number of FinTech companies exporting globally from the UK, DIT is helping the industry take advantage of our global business links, ultimately creating more jobs and driving more investment in all corners. from the country.
Exports Minister MP Graham Stuart said:
The UK is the best place to start and grow a FinTech business, so I’m happy to see even more support for this world-renowned industry which is already worth over £ 11bn to the UK economy.
The new Fintech Export Academy program will welcome selected high-potential companies and provide them with intensive support to enable them to grow faster and reach international markets ahead of their competitors. At the same time, our innovative FinTech Champion program will mobilize already successful companies to provide advice and support to those embarking on the breakthrough and acting as global ambassadors for the UK Fintech scene.
We are committed to the most ambitious trade policy agenda of any major economy in history, breaking down barriers, signing free trade agreements and opening markets for our leading companies, especially in the field of FinTech. Having opened up the markets, we are also determined to ensure that UK businesses also have the support they need to enter them.
Charlotte Crosswell, CEO of Innovate Finance, said:
It is encouraging to see the announcement made today by the Department for International Trade and the new initiatives that will fuel future global growth opportunities for UK FinTech companies.
The recommendations formulated by the journal Kalifa reflected the ambitions of our high-growth FinTechs and their founders, eager to develop, innovate and expand internationally. However, these companies will only succeed if such thoughtful recommendations are accompanied by concrete actions.
Today’s announcements from the FinTech Exports Academy and the FinTech Champions Scheme are big steps in this direction. These two programs will allow our companies to benefit from both practical support in their export journey and to forge valuable links with experienced FinTech leaders who have already achieved success in foreign markets.
Innovate Finance looks forward to continuing to work with DIT to support these vital initiatives which we believe will make a positive difference for all FinTechs looking to strengthen their own global ambitions.
The package of measures announced today follows the publication of the Kalifa journal in February 2021, calling for further support for the continued success of the FinTech industry in the UK.
It also comes after the DIT recently announced the launch of four Regional Trade Points as part of a major export drive, which will see the DIT focus on promoting UK exports from all parts of the UK, to help level the country, better rebuild and support a resilient economy as outlined in the Integrated Government Review.
Earlier this month, a study by the government showed that exports support 6.5 million jobs in the UK, 74% of which are outside London. The research estimated that jobs directly and indirectly supported by exports were paid around 7% more than the national median, with the Office of National Statistics estimating that companies exporting goods are also 21% more productive.