Anders la Cour, CEO of financial infrastructure provider, Banking Circle comments:

“Globally, FinTech is one of the fastest growing and exciting industries and the UK has always been a hub for startups and businesses in the space, driving competition in Europe and the rest of the world. But as the Kalifa report reveals, the UK is at risk of losing its leading position. This would be hugely disappointing to the industry and the country, which has always been proud of its trailblazing position in the financial world. As a result of the pandemic, last year fintech funding was down compared to 2019, but COVID-19 also accelerated the focus on digitalisation, especially in the financial services sector, and this means there has never been a more important time to embrace innovation. The UK government needs to capitalise on this as a matter of urgency.

“The Kalifa report sets out sensible recommendations, which as a growing employer in the FinTech space, we’d be excited to see in action. In particular, the recommendation to set up a training programme offering short courses to help workers learn essential tech skills will be important. It is something the rest of the world should also look to implement. As the saying goes: “if you want to go somewhere quickly, go alone. If you want to go far, go together.” True innovation is achieved by giving back and investing in upskilling, which builds the next generation of digital leaders and innovators.

“Banking Circle is also keen to be involved with the proposed Centre for Innovation, Finance and Technology, contributing insight and intellect to ensure the UK does not fall behind in the FinTech arms race.”