Speaking at Innovate Finance’s Global Summit, Economic Secretary to the Treasury, Harriett Baldwin announced a set of measures aimed at delivering key FinTech initiatives.

Baldwin started off saying that she was delighted to see great speakers lined up for the event to address a broad range of subject matter – from blockchain and digital currencies, to alternative finance and expanding banking to the 2 billion unbanked people in the world.

Pointing out the first FinTech initiative, she said that an industry-led FinTech panel will be created, which will oversee the overarching strategy for UK FinTech and ensure the delivery of key initiatives. The panel will work with Tech City UK as well as Innovate Finance and other key representatives of the FinTech community.

“It will also have its very own delivery support function, which will monitor and drive initiatives to fruition. It will accelerate the time to market of government and industry initiatives, ensuring that they are targeted where they will add most value”, Baldwin added.

She further suggested the implementation of an open banking standard, which will allow FinTechs and other innovators to provide a range of value-added services to consumers, and will really revolutionize the way customers can access and use financial services.

“The Open Banking Working Group published its report on the open banking standard and we are now working closely with industry to agree the next steps”, she said.

In addition to the key initiatives, Baldwin said that the government wants to take “additional action” to ensure that FinTechs thrive in the UK. She noted that the Financial Conduct Authority (FCA) is looking into how to support the development and adoption of new technologies that facilitate the delivery of regulatory requirements – ‘RegTech’.  In this context, she pointed out the creation of a regulatory sandbox that aims to allow innovative businesses a ‘safe space’ to test innovative products and services. The sandbox will start accepting testing applications on 9 May.

Further, she spoke about the setting up of an "information hub" that will make it easier for FinTechs to navigate through the range of services providers and find the help that will benefit their businesses.

“We also recognise that professional services can be costly, particularly when FinTechs are first starting out”, she added. “We will therefore work with industry to launch an initiative which will look to bring the major professional services providers together to provide FinTechs with practical and cost-effective basic services.”

Also, Baldwin said that the UK will continue to maintain its leading global position FinTech specialisms through the development of “FinTech bridges”.

“HM Treasury will work with UK Trade and Investment to establish “FinTech bridges” with priority markets. These bridges will help UK FinTech firms expand internationally, as well as attracting international FinTech companies and investors to the UK”, she said.