{"id":189647,"date":"2021-02-26T17:05:32","date_gmt":"2021-02-26T14:05:32","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/fca-releases-detailed-5-point-plan-to-make-uk-a-fintech-powerhouse\/"},"modified":"2021-02-26T17:05:32","modified_gmt":"2021-02-26T14:05:32","slug":"fca-releases-detailed-5-point-plan-to-make-uk-a-fintech-powerhouse","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/fca-releases-detailed-5-point-plan-to-make-uk-a-fintech-powerhouse\/","title":{"rendered":"# FCA releases detailed 5-point plan to make UK a fintech powerhouse"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4131904ace7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4131904ace7\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/fca-releases-detailed-5-point-plan-to-make-uk-a-fintech-powerhouse\/#Policy_and_Regulation\" >Policy and Regulation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/fca-releases-detailed-5-point-plan-to-make-uk-a-fintech-powerhouse\/#Skills\" >Skills<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/fca-releases-detailed-5-point-plan-to-make-uk-a-fintech-powerhouse\/#Investment\" >Investment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/fca-releases-detailed-5-point-plan-to-make-uk-a-fintech-powerhouse\/#International\" >International<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/fca-releases-detailed-5-point-plan-to-make-uk-a-fintech-powerhouse\/#National_connectivity\" >National connectivity<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># FCA releases detailed 5-point plan to make UK a fintech powerhouse  <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvZTc2Zjc5ZWEtY2EzOS00MjY3LTlhYWYtM2ZkNmExODI2MWViLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>Upon the announcement of the United Kingdom budget for 2020, Chancellor Rishi Sunak commissioned Ron Kalifa to conduct an independent review of the U.K. fintech sector. On Friday, eight months later, the FCA <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/assets.publishing.service.gov.uk\/government\/uploads\/system\/uploads\/attachment_data\/file\/965032\/Kalifa_Fintech_Review_Final_Report.pdf\">published<\/a> the 108-page report, and it contains multiple clear guidelines aimed at cementing the U.K.\u2019s position as a fintech powerhouse. <\/p>\n<p>Over $95 billion was spent by U.K. fintech firms in 2019, and with 10% of the global market share, the U.K. is already ahead of the curve when it comes to fintech adoption and business. Investments in U.K. fintech firms totaled $4.1 billion in 2020, notes the report \u2014 more than the next five European countries combined. <\/p>\n<p>Kalifa still identified areas where the U.K. could improve its <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach to creating a welcoming environment for the next generation of fintech players. <\/p>\n<p>\u201cHowever, the trajectory of UK fintech is at an inflection point of opportunity \u2014 and risk. While the UK\u2019s position is well established, its future is not assured,\u201d notes the report.<\/p>\n<p>The three main threats to the U.K.\u2019s current fintech dominance are identified as COVID-19, Brexit and overseas competition. Concerning the pandemic, the report notes that the lockdown has accelerated the adoption of digital technologies in a way that policy and marketing never could, and whichever country comes to this realization first stands to benefit the most.<\/p>\n<p>With that in mind, the report proposes five key ways in which the U.K. can create an environment more conducive to fintech in the coming years. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Policy_and_Regulation\"><\/span>Policy and Regulation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The report recommends the U.K. create a new regulatory framework for emerging technologies and urges it to create a digital finance package for this purpose. A \u201cscalebox\u201d should be created to support companies focused on scaling new technologies, and a digital enforcement task force should be formed to ensure uniformity among government bodies, notes the report.<\/p>\n<p>Additionally, the report suggests that fintech firms themselves should have their voices heard when it comes to trade policy. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Skills\"><\/span>Skills<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Focusing on the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> aspect of the inevitable digital transformation, the report recommends that education services should be created to retrain and upskill adults. A pipeline of fintech talent should be formed to support fintech scaleups by offering work placements to students in further and higher education, it adds. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Investment\"><\/span>Investment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Concerning investments in fintech firms, the report proposes that existing Enterprise Investment Schemes and venture capital trusts be expanded, while research and development tax credits for fintech firms should be increased. <\/p>\n<p>The report calls for the creation of a 1 billion euro ($718 million) fintech growth fund and recommends that a group of fintech indices be built to enhance global visibility for the industry.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"International\"><\/span>International<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The creation of an international action plan for fintech and the launch of a \u201cFintech Credential Portfolio\u201d would enhance international credibility and make the process of conducting international business easier in <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>, the report states.<\/p>\n<p>The report suggests existing Centres for Financial Innovation and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">Technology<\/a> should be better utilized to drive international collaboration, while an international fintech task force should be launched to ensure alignment between participating countries. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"National_connectivity\"><\/span>National connectivity<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Focusing on fintech development within the U.K.\u2019s own borders, the report proposes that the top 10 fintech clusters should receive particular attention and should be nurtured to achieve their highest growth potential. <\/p>\n<p>Notable growth clusters have been identified in Edinburgh, Scotland, where the number of fintech firms has increased from 26 to 151 in just over two years with the help of enterprise funding. Other notable clusters within the U.K. include Cardiff, Wales; and Manchester, Leeds and Birmingham in England. <\/p>\n<p>The report notes that the goal is not to neglect other areas of the country but to ensure that existing fintech hubs can reach their full potential.<\/p>\n<p>Nik Storonsky, co-founder and CEO of London-based fintech firm Revolut, said the Kalifa review could provide a pathway to ensuring the U.K. retains its place among the top fintech destinations in the world:<\/p>\n<blockquote><p>&#8220;It is essential to preserve and strengthen the UK\u2019s position as the first choice to launch and grow a fintech business. I welcome the Kalifa Review and the Government\u2019s commitment to ensuring that the UK remains a world leader in innovation and growth.&#8221;<\/p><\/blockquote>\n<p>Referencing the U.K.\u2019s newfound independence in the wake of the Brexit agreement, Ashok Vaswani, CEO of consumer banking and payments at Barclays, said:<\/p>\n<blockquote><p>&#8220;As the UK looks to forge its own path in the world, it is absolutely right that the Government explores how it can ensure the ongoing success of the UK fintech sector.&#8221;<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/fca-releases-detailed-5-point-plan-to-make-uk-a-fintech-powerhouse\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# FCA releases detailed 5-point plan to make UK a fintech powerhouse &#8221; Upon the announcement of the United Kingdom budget for 2020, Chancellor Rishi Sunak commissioned Ron Kalifa to conduct an independent review of the U.K. fintech sector. On Friday, eight months later, the FCA published the 108-page report, and it contains multiple clear&#8230;<\/p>\n","protected":false},"author":1,"featured_media":189648,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvZTc2Zjc5ZWEtY2EzOS00MjY3LTlhYWYtM2ZkNmExODI2MWViLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[76556,88520,88784,95266,117,18981,70934,78053,4965],"class_list":["post-189647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-fintech","tag-revolut","tag-uk-government","tag-barclays","tag-business","tag-london","tag-regulation","tag-scotland","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/189647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=189647"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/189647\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/189648"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=189647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=189647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=189647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}