Red tape and regulatory barriers will be removed to boost the UK’s thriving financial technology (fintech) sector domestically and around the world, it has been announced.

The remarks come after the announcement of the independent Fintech Strategic Review, a comprehensive new evaluation of skills and talent, investment, national connectivity, policy, and international attractiveness.

Led by Ron Kalifa, the former CEO of Worldpay, the review will look to “establish priority areas for industry, policymakers, and regulators to explore in order to support the ongoing success of the UK fintech sector”.

According to the latest statistics, the thriving fintech sector currently contributes around £7 billion to the UK economy each year and employs around 60,000 people, while the sector itself attracted some £4.1 billion in venture capital in 2019.

But the strict regulation of financial markets has prevented the wide-scale adoption of financial technology in the UK, holding back the true potential of the industry.

Commenting on the review, the Economic Secretary to the Treasury & City Minister John Glen said: “This independent review will help us to uphold and enhance our global reputation, support growing firms, and promote the integration of new technologies across financial services to the benefit of businesses and their customers.”

Mr Kalifa added: “This Review will ascertain what is required to accelerate this change, to create a financial services ecosystem that is above all, sustainable, inclusive and world-leading.”

It is believed the review will be published in 2021.

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