CENTRE FOR FINANCE, INNOVATION AND TECHNOLOGY (CFIT) LAUNCHES IN LANDMARK UK FINTECH MOMENT

28 February 2023: The Centre for Finance, Innovation and Technology (CFIT), backed by HM Treasury and the City of London Corporation, has today launched at an event in Leeds, in a landmark moment for the UK’s growing financial innovation sector.

The establishment of CFIT is a direct response to the recommendations outlined in the Kalifa Review of UK Fintech, a seminal review that identified the steps that the UK must take to maintain its position as a world leader in fintech innovation. The organisation will act as a central convening force, leveraging expertise from across the financial innovation space to set strategic priorities and drive growth in the sector.

As part of CFIT’s implementation of the recommendations within the review, the organisation will bring together time-limited ‘coalitions’ of experts from finance, technology, academia and policy-making to identify and remove barriers to fintech sector growth, support the creation of high-income tech-based employment across the UK, and enable firms to achieve global scale. The work of the coalitions will be research-led and data-driven, with a focus on tangible outputs that will make a real difference to businesses and consumers across the UK.

At today’s launch, the organisation made two initial announcements. Firstly, CFIT announced the establishment of financial innovation hubs with a comprehensive reach across the UK’s regions including Wales, Northern Ireland and Scotland, as well as major cities such as Leeds, Manchester, Newcastle, Birmingham and Bristol. These hubs will drive national connectivity, by enabling cross-sector experts with a local focus to input on barriers to growth and ensure solutions benefit the whole of the UK.

The second announcement outlined CFIT’s plan to continue the sector’s work with leading universities to give students the opportunity to participate in placements at the UK’s leading companies operating in the financial innovation sector. The placements will act as a vital platform for nurturing and developing fresh talent in the fintech industry, creating a pipeline of skilled workers. As many as 67% of the UK’s fastest-growing fintech companies consider talent a high priority.

Charlotte Crosswell OBE, Chair of CFIT, said:

“The launch of CFIT today represents a significant moment for the UK’s fintech sector and our economy more widely. This organisation will bring together personnel from across the financial innovation ecosystem to break down the barriers that the fintech sector is facing while creating a clear path for our homegrown fintech companies to achieve global scale, impact and success. This in turn will deliver better financial outcomes for consumers and SMEs.

“Today’s announcement marks an important first step in our work to support the growth and development of the UK fintech sector, by empowering its talented innovators and trailblazers in every corner of the country, and inspiring the next generation of entrepreneurs.”

Sir Ron Kalifa, Chairman of Network International and author of the Kalifa Review of UK Fintech, said:

“I am thrilled to see the Centre for Finance, Innovation and Technology (CFIT) - one of the key recommendations of the 2021 Kalifa Review - launch in Leeds today.”

“The Centre will be instrumental in fostering collaboration between industry, academia and policymakers, promoting innovation, and turbo-charging the adoption of new technologies for businesses and consumers. I have no doubt that it will enable the UK's fintech sector to become more competitive, and I look forward to seeing the impact it will have across the UK in the weeks, months and years to come.”

Hilary Smyth-Allen, Executive Lead, SuperTech (West Midlands), said:

“Birmingham and the wider West Midlands has long been a hotbed of fintech innovation, driven by our heritage in financial services, our world-class universities and the talented entrepreneurs and professionals that call the region home.”

“CFIT's launch today presents an exciting opportunity for close collaboration at a regional level to tackle the industry's biggest challenges and leverage our potential to contribute to the UK’s modern services revolution.”

Former CEO of Innovate Finance and Chair of Open Banking, Charlotte Crosswell OBE, has been appointed as CFIT’s Chair. Ezechi Britton MBE, former CEO of Code Untapped and outgoing CTO of Impact X Capital was recently announced as CFIT’s CEO.