UK government to provide £500K to support fintech investments

The UK government has planned to support investment in UK fintech by providing £500,000 a year for fintech specialists and announced to launch a network of regional fintech envoys to promote UK’s position in the fintech market.

According to the Autumn Statement 2016 that was presented to parliament by Chancellor of the Exchequer Philip Hammond, the funds will come from the Department of International Trade. The government has commissioned an annual ‘State of UK FinTech’ report on key metrics for investors.

The UK government will also launch a network of regional fintech envoys. It has agreed on with the Joint Money Laundering Steering Group that they will modernize their guidance on electronic ID verification to support the use of technology to access financial services.

“The statement is 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," Lawrence Wintermeyer, CEO of Innovate Finance said, as reported by Finextra.

Apart from the fintech ecosystem, the report’s enterprise and finance system also included insurance linked securities, patient capital and supporting management skills.