Latest news with #InnovateFinance
Finextra
27-05-2025
- Business
- Finextra
The UK needs to embrace ecosystem collaboration to boost fintech
0 This content is contributed or sourced from third parties but has been subject to Finextra editorial review. At recent Innovate Finance Global Summit in London, UK Chancellor Rachel Reeves delivered a powerful message that underscored the country's position as a global fintech leader, and the critical role of innovation in shaping its economic future. It was both a celebration of progress and a call to action. As she noted, the UK attracted $3.6 billion in fintech investment last year, second only to the US. Nearly half of Europe's fintech unicorns call the UK home, and a third of all UK unicorns are in fintech. From AI and digital assets to open banking and smart data, emerging technologies are clearly at the heart of our growth trajectory. The Chancellor's message went beyond the numbers. Her core point was unambiguous: the Government is here to back the builders. To build the future we envision, to stay competitive, and lead globally, with this clear message of commitment, we must also embrace a new mindset, fit for the realities of an increasingly technology-led era. Embedding these innovations into everyday life at scale requires more than just technology deployment. It demands a systems-level way of working. These technologies can't be treated as isolated solutions. Their real power emerges through integration within business ecosystems, across sectors, and throughout society. Take the home-buying journey for example. By integrating open finance and AI, we can create a seamless, end-to-end experience, connecting mortgage brokers, banks, estate agents, and insurers in a co-ordinated value chain. Each stakeholder plays a role in unlocking efficiency, transparency, and better outcomes for the customer. That's the kind of systemic integration that turns innovation into impact. To achieve that, we need deep ecosystem collaboration, shared incentives, and a unifying sense of purpose. Only then can we turn innovation into transformation at scale. Emerging techs are growth engines, but come with their systemic challenges There's no doubt that technologies like real-time payments, agentic AI, and open finance are bringing profound transformation to the foundations of our economy. But with this transformation come deep challenges that cut across every emerging tech domain and require co-ordinated solutions: Interoperability: How do we integrate AI, data-sharing, and digital payments into legacy systems and ensure they work together across banks, fintechs, merchants, and platforms to deliver a seamless experience for end users? Standardisation: In a fast-evolving environment, how do we strike the right balance between enabling agile innovation and agreeing on standards that ensure interoperability and unlock the biggest impact? Regulation: How can we protect consumers and uphold public trust without slowing down innovation, or discouraging commercial growth and investment? Skills: How do we rapidly equip people with the right skills and build the talent pipelines to keep pace with demand? Trust: How do we build public confidence in the privacy, security, and transparency of these new technologies? Customer adoption: How do we raise awareness, demystify new tools, and support everyday users in embracing change? These are not just UK-specific questions, they're global. The nature of emerging technologies is inherently interconnected, cross-border, and fast-moving. That's why the answers must be systemic, not fragmented. From competition to collaboration: Embracing ecosystem thinking To fully realise the promise of emerging technologies, we need to move beyond a siloed, company-by-company approach and think and act like an ecosystem: vision aligned, customer-outcome centred, and collaboration-based. Take open finance for example - it might sound technical on the surface, but at its heart it's about enabling all parts of the financial system to communicate and work together to create better outcomes for everyone: consumers, banks, merchants, fintech businesses, and society, with clear regulatory support. True interoperability isn't something any one organisation can achieve alone. It demands collective action and shared accountability: 'Win-win' business models that reward co-operation alongside competition, ensuring every player in the value chain has the incentive to participate and benefit. Forward-looking funding models that back innovation efforts while protecting consumers and ensuring fair, long-term growth benefits for all participants. Clear liability frameworks that define who is responsible when things go wrong across the value chain, building confidence and clarity across the ecosystem. Above all, customer outcomes must remain at the centre. The technologies we build, the regulations we shape, and the partnerships we forge, all of it must serve creating real improvement to customer's lives and solving real problems. Only by doing this can we gain public trust, understanding, and accelerate truly wide customer adoption. Building a connected future We are living in an increasingly interconnected and unpredictable world. AI, digital payments, open data sharing are evolving at unprecedented speed. Global partnerships are shifting. Public expectations around privacy, ethics, and inclusion are increasingly growing. Now is the moment to get it right and lead technology for the good. Fintech and emerging technologies are not just engines of economic growth, they also open questions for the increasing need for building resilience, privacy, and inclusion. To harness their full potential, we must go beyond simply deploying tools but build with intention. By embracing ecosystem thinking, aligning across regulation, technology, and businesses, and keeping customer outcomes at the core, UK can the lead not just in innovation, but in creating a more inclusive and connected digital future. Let's build it - together. The Gillmore Centre series features authors from the Gillmore Centre of Financial Technology at Warwick Business School as they explore new innovations in fintech from an academic perspective. Keep an eye out for more articles from the Gilmore Centre to learn more about new developments in the field.
FF News
22-05-2025
- Business
- FF News
Biggest Buzzword at the event?
What are the biggest buzzwords in fintech right now? During this year's Innovate Finance Global Summit (IFGS 2025) 2025, FF News hit the floor at London's Guildhall to explore what's generating the most excitement in the industry. We asked attendees one question: 👉 'What's the biggest buzzword of the event?' The responses at IFGS revealed a wide spectrum of themes driving conversations today. From the rising role of AI in everything from predictive analytics to fraud detection, to the growing relevance of embedded finance across industries, this year's IFGS captured the heartbeat of financial innovation. Here are just a few buzzwords that stood out: 💱 Stablecoin – Regulatory clarity and increased adoption keep digital currencies at the forefront. 🔄 Embedded Finance – Seamless, contextual financial services continue to expand across verticals. 🤖 AI – Artificial intelligence is influencing fintech from operational efficiency to smarter customer experiences. 🔓 Open Banking & Open Finance – The movement toward data collaboration is gaining momentum across ecosystems. 🚀 Innovation – As always, the foundational theme of IFGS, spanning product, infrastructure, and service design. What resonated most wasn't just the buzzwords themselves—but the energy behind them. One participant summed it up perfectly: 'Every time you come to IFGS, you've never seen so many companies, services, and ideas.' If you want to know where fintech is going next, this year's IFGS was the place to feel the momentum firsthand.
Observer
14-05-2025
- Business
- Observer
Chancellor woos fintech and needs to deliver
In a keynote speech at Innovate Finance's 11th global summit, the chancellor Rachel Reeves confirmed the Treasury's inaugural Financial Services Growth and Competitiveness Strategy would be published on July 15. Reeves has lauded the industry's growth and touted the achievements of fintech. She pledged to make the Uk 'one of the best places in the world for fintech to start-up and to list.' The eyes of the industry are set on July, when Reeves' commitment to fintech will be on trial and fintech leaders will be the judge. The chief executive of London-based firm Curve, Schachar Bialick, said 'Fintech must be a priority because it touches every aspect of modern economic life. 'From spending to saving to financial wellbeing, fintech is the infrastructure layer of the digital economy. Right now, the sentiment is hopeful, but cautious. Firms are watching closely to see whether the government will turn policy into meaningful reform.' She added: 'Sentiment is clear: optimism hinges on delivery.' Curve, a challenger to Apple Pay, was valued at $781m (£587m) in a 2024 funding round. But the fintech has since retreated from the US market, cutting more than 100 jobs and posting a loss of £36m. The fintech's chief said: 'The most impactful move the chancellor can make is to level the playing field – ensuring fintech can compete fairly with Big Tech. That begins with infrastructure access.' The European Union has mandated Apple to open access to NFC technology for third party mobile wallet providers, including those that are not Apple Pay. 'If the government is serious about backing British fintech, it must act decisively and mirror Europe's approach. This one move would unleash a wave of innovation in mobile payments and strengthen the UK's position as a fintech leader,' Bialick said. During her speech, Reeves hailed the UK as the top spot for fintech investment – second only to the US. But a report from KPMG revealed investment had fizzled since 2021 and hit a four-year low in 2024 at £7.9bn. Private equity boss Rami Cassis said: 'We'll need to see bold measures from the government for it to succeed. At the moment it's all talk, and we need to see far greater action.' He added: 'The fact is that the UK's fintech industry still has some mountains to climb –they have only been built higher by the actions of this government.' Cassis, the chief executive of Parabellum Investments, cited the government-triggered non-dom exodus which 'drove out an important group of investment banking professionals who were incredibly involved in the sector'. Investment bankers are crucial for any UK fintech firm setting their sights on an IPO. Non-doms made up a sizeable chunk of the UK's bankers, and the Labour Party's policy change has left a large gap to fill. He added: 'The impact has been severe, with the likes of Zurich, Frankfurt and Paris beginning to build up their fintech footprint at London's expense.' Allica Bank's chief executive Richard Davies said the firm was 'hearing good things from the Chancellor' but warned 'we can't take (fintech's) success for granted.' The digital bank was dubbed Europe's fastest growing start-up by sifted and the UK's fastest growing private company by The Times Hundred. The growth of UK fintech has exploded in recent years as giants Monzo and Revolut became household names and a fleet of new firms entered the scene. chief marketing officer Rory O'Neil consigned regulation woes and added a 'strong fintech talent pipeline' should be a key area of focus in the Treasury's strategy. He warned: 'Failure to deliver on either risks slowing down growth for scaling fintechs, and worse, makes the UK less attractive to future start-ups and scale-ups.' The strategy will mark a critical juncture for the industry with momentum set to speed ahead or be derailed. (The writer is our foreign correspondent based in the UK) Andy Jalil The writer is our foreign correspondent based in the UK.
Finextra
13-05-2025
- Business
- Finextra
IFGS Reflections: How The UK Has World-Beating Potential
Following on from a busy UK Fintech Week, Janine Hirt, CEO, Innovate Finance sat down with FinextraTV to give her reflections. Discussing Hirt's highlights, she explained how the UK is in a place of great technological potential with the opportunity to not just a be a world leader, but the leader of the world. With visions of a future UK Tech Stack and stablecoin insights, Hirt speaks with optimism and passion during an uncertain time.
Business News Wales
08-05-2025
- Business
- Business News Wales
Money App Wins Inaugural Fintech Pitching Competition in Cardiff
Zero and Sprout Financial have been crowned winners at the Cardiff and London finals of 'Pitch360' during UK FinTech Week. Hosted by Innovate Finance, the industry body for UK fintech, the competition recognises game-changing ideas that have the potential to power the future of finance. In a Dragons' Den style format, fintech companies each had three minutes to pitch their innovative concepts to a panel of judges for the London and Cardiff competitions, including senior leaders from Apis Partners, Inovia, Boston Consulting Group, Level39, Future Finance, Founders Factory and FinTech Wales. For the inaugural regional Pitch360 event in Cardiff, Zero, a sustainable money app and digital bank for climate-conscious consumers, was awarded first place. The judges included Abrahama Amieva from Future Finance, and Claire Mongeau from Founders Factory, who were impressed by Zero's commitment to supporting sustainability as an alternative to traditional consumer banking practices. Recognising the innovation emerging from regional hubs around the UK, Innovate Finance, in collaboration with FinTech Wales, invited five cutting-edge fintechs to pitch. The other four finalists were EA Global AI, Driverly, Menna, and Serene Health. At the London Pitch360 final first place was awarded to Sprout Financial, a fintech designed to help optimise finances with mortgage repayments and investment growth support. The other six finalists at the London competition were Astragar Cybersecurity & Risk Management, beatvest, Doris, Faciit, Oxford Risk, and Riff Financial. The winners of the regional Pitch360 competitions will be gifted full membership with Innovate Finance for a year, as well as the opportunity to showcase their innovation and connect with fintech leaders and investors at the Innovate Finance Global Summit 2026. Peter Cunnane, Director of International & National Initiatives of Innovate Finance, said: 'I am always impressed by the incredible innovation and creativity that is showcased at our Pitch360 events. This year, we are very proud to be taking Pitch360 across the country, starting in Cardiff – giving us the opportunity to showcase the UK's foremost fintech innovators and emerging technologies from all of our regional hubs, underlining their role in driving economic growth. With more than half of the UK's unicorns in fintech, the sector is a key driver of innovation, investment and job creation, and it is fantastic that we are able to showcase the up-and-coming innovators in the sector.'
