A group of the UK’s top fintech firms will join a new government-backed body designed to help shape trade agreements and champion UK fintech internationally, as ministers look to leverage the sector as a force for trade.
The International Fintech Group (IFG), made up of firms including Revolut, Klarna and Checkout.com, will be chaired by the Department for International trade and fintech industry body Innovate Finance and focus on promoting the sector overseas.
The group will now be masterminding the publication of a ‘UK FinTech Trade & Investment brand’ as well as contributing to free trade agreement consultations to help shape trade policy.
Minister for investment Gerry Grimstone said the group will be crucial to championing the sector’s success internationally.
“The UK is a world leader in the FinTech sector, thanks to our highly-skilled and creative workforce, fair regulatory system and ease of doing business,” he said.
“So, I welcome the formation of the International FinTech Group, which will ensure that the sector continues to have a voice overseas as we strike trade deals with countries across the world, breaking down barriers and opening up markets for our cutting-edge companies – not least in our leading FinTech sector.”
Government’s backing of the group comes after the Treasury commissioned an independent review of the fintech sector last year by former Worldpay boss Ron Kalifa.
Kalifa put forward a number of recommendations for the promotion of UK fintech and the IFG will now look to push the recommendations of the review forward.
Boss of Innovate Finance Janine Hirt said that a year on from the review it was vital the government continued to push through the report’s recommendations.
“The international focus was a core part of the Review, and I’m delighted that we are collaborating with the DIT to bring this key initiative to life,” she said.
“The IFG will be central to the work we do to promote our UK FinTech sector internationally, with the aim to boost global cooperation and trade relations.”