Bristol and Bath has been named as one of the UK’s leading FinTech clusters in an independent review of the sector – the findings of which are launched by the Government today.
The region is featured in the top 10 in the FinTech Strategic Review – led by Ron Kalifa OBE, non-executive director of the Court of Directors at the Bank of England and the vice-chairman of WorldPay.
The review highlights the increasing number of leading FinTech companies in the West of England and the great potential for businesses in financial technology to grow. It makes a number of significant recommendations around five themes including regional connectivity, skills, investment and scaling up, all of which are of major importance to the future of the sector in our region.
West of England Mayor Tim Bowles said: “I am delighted that the West of England has been recognised in the Government’s FinTech Strategic Review as one of the leading FinTech clusters in the UK.
“The West of England is a forward-thinking and innovative region – we’re home to the UK’s most productive tech cluster which is creating excellent, well paid jobs and career opportunities for people across the region. FinTech brings together our region’s strengths in financial services and tech, which thanks to our highly skilled and expanding digital and tech workforce is revolutionising the way that the finance sector operates.
“Our region is hugely collaborative and well connected, and we’re proud of the start-ups and spin-outs that thrive here thanks to some of the best business incubator support in the world. We are committed to building on these strengths to accelerate the development of our FinTech cluster into an established hub of global significance.
“The West of England has rapidly become a vibrant and dynamic hub for innovation in professional services, and RegTech and LegalTech are developing at pace here too. The region is now looking forward to working with the Government and stakeholders on maximising the impact of its thriving FinTech cluster and implement the Review’s recommendations to support growth and competitiveness, and to ensure that the UK maintains its global leadership in this vital sector. I am delighted that the West of England has been recognised in the Government’s FinTech Strategic Review as one of the leading FinTech clusters in the UK.”
The West of England Combined Authority (WECA) plays an integral role in supporting the regional business ecosystem by facilitating innovation and furthering sector development. In addition to this, WECA offers extensive, tailored support to businesses interested in relocating and growing in our region through its inward investment service, Invest Bristol & Bath.
For businesses already located here, WECA’s West of England Growth Hub supports SMEs to innovate, scale-up and thrive by connecting them to the support they need.
For further information about the West of England’s FinTech sector, see our Bristol & Bath FinTech Ecosystem Report 2019-2020.
For more details on the FinTech Strategic Review, please visit: https://www.gov.uk/government/news/uks-global-fintech-leadership-bolstered-by-new-review