Chancellor of the Exchequer Philip Hammond has announced the launch of the FinTech Alliance, a multifaceted digital engagement platform that brings together the global FinTech ecosystem to explore, engage and do business.
The announcement was made by Hammond during his International FinTech Conference speech at the Innovate Finance Global Summit held in London.
The FinTech Alliance, introduced by the HM Treasury in partnership with the Department of International Trade (DIT), will combine the strengths of the UK’s FinTech ecosystem into one online destination.
It is claimed to be the first community-driven platform for the entire FinTech industry. Profits made through the platform are planned to be reinvested in the FinTech sector to enable a fully inclusive environment to help its growth and empower UK business with comprehensive information, intelligence and services.
Individuals can take part in the FinTech Alliance by registering for free, while companies will have to pay either a monthly subscription or annual fee for taking part on the new digital engagement platform.
Essentially, the FinTech Alliance will strive to provide all the information, knowledge and resources together in a single location that is easily accessible.
Companies involved in the FinTech sector through the new platform will be able to increase brand profile and gain business opportunities, access services, tools, resources, mentoring and advice, in addition to availing other benefits.
Hammond said that FinTech Alliance will also help participants to connect with investors, get policy and regulatory updates, and attract and recruit candidates.
The new organisation will be chaired by Alastair Lukies, who is currently a member of the Prime Minister’s Business Council, while CYBG CEO David Duffy will be its ambassador.
Lukies said: “The UK is the leading FinTech ecosystem globally. However, this is not something that has happened by chance, and certainly something we cannot be complacent about.
“Much work has gone in over the past 10 years from government, regulators, incumbents, innovators and most importantly many regions across this great nation to create the unique alchemy that we benefit from today. The FinTech Alliance will not only demonstrate this thriving environment digitally, but will further cement our key role in the global FinTech ecosystem.”