Fintech specialists are in high demand these days, even though they are very hard to come by. The UK government revealed their plan to pump £500,000 into the fintech sector on a yearly basis. This money will be used to find and train specialists, as well as launch a network of regional envoys. Fintech remains a critical part of Britain’s future, particularly since the Brexit scenario.
UK Government Wants More Fintech Specialists
It is positive to see the United Kingdom look towards the future in an optimistic manner once again. Ever since the Brexit vote took place, there has been an aura of doom and gloom over the region. But the new plan by the UK government may chance all of that, as government officials are actively seeking the help of fintech specialists.
To be more precise, the Department of International Trade will pump £500,000 into the search and training of fintech specialists every year. Establishing global relationships is direly needed in the fintech era, and the UK wants to maintain its position as one of the leading sector players. Doing so will require a lot of time, money, and effort, though.
But there is more, as the government approved an annual “State of UK Fintech” report. These findings will contain critical information for potential investors. Moreover, there is also a plan to improve current technological standards, giving enterprises and consumers access to financial services through technologies. One of these identification factors will revolve around using an electronic ID system.
Even though London is still regarded as the financial capital of the world, that position has come under fire since the Brexit. Moreover, the fintech situation in the region has taken a few hits, and it is due time to restore the balance of power. Making the UK the fintech capital of the world may sound rather ambitious, but the government wants to succeed in their mission.
This news comes at a time during which the UK fintech investment numbers have begun to wind down. In fact, Q3 of 2016 was a particularly bad quarter, with 26% fewer funds invested. Moreover, matching last year’s total funding is virtually impossible to repeat, indicating something needs to change before it is too late.
Innovate Finance CEO Lawrence Wintermeyer stated:
“These new guidelines are light on measures that will address future visa settlement. The continued success of our FinTech sector depends on the ability for the UK to attract global talent and to develop local skills.”
Investing more money into the fintech sector seems to be the most plausible course of action for now. Attracting new specialist sin the sector will help the UK regain its market position, and attract foreign investments over the coming years. The lack of venture capitalist funds is alarming, but the battle is far from over at this stage.
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