Xavier Rolet bets the UK can create an £100bn company in the fintech sector in 10 years

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Rolet was speaking at the Conservative party conference (Source: Getty)

Xavier Rolet, chief executive of the London Stock Exchange, reckons Britain will build a fintech firm worth £100bn in the next decade.

Talking at the Conservative party conference, Rolet said the UK had a competitive advantage in fintech because the finance and technology experts fuelling the industry all work closely together.

The United States, by comparison, will struggle to build such a thriving fintech sector because its technology gurus are on the west coast, and the finance firms are in the east, he said.

Read more: £4.6bn - that's how much adopting fintech is saving UK businesses

He said it would be "conservative" to expect a fintech firm valued at between £100bn and £300bn to come out of London in 10 years.

The second sector to keep an eye on in Britain was life science, Rolet said, because the UK excels in research and development.

Banks are rallying behind the fintech industry, regarding it as a key sector that will help keep the UK ahead in the global marketplace.

Barclays, HSBC, Lloyds and UBS are among more than 20 financial institutions and startups tat have put their name to an industry drive behind fintech, led by the Canary Wharf fintech hub Level39.

Tags: FinTech