The government has announced a national fintech hub

The UK government has announced the launch of a national hub to support the UK’s fintech sector, with £5.5m of funding pledged.

The Center for Finance, Innovation and Technology (CFIT) was created in response to a report on UK fintech made by WorldPay chairman Ron Kalifa in 2021.

According to the UK Treasury, CFIT will “champion the UK’s leading global sector, helping companies achieve true global scale”.

It added: “This will provide a much-needed boost to people and businesses up and down the country, enabling them to benefit from new waves of technological change and innovation – widening the choice of consumers, cutting costs and increasing efficiency for companies.”

Charlotte Crosswell, chair of CFIT, said the launch was an important moment for the UK’s fintech sector and economy.

“This organization will enable us to come together as a sector to begin breaking down the barriers facing the fintech sector while creating a clear path for our local fintech companies to reach global scale, impact and success,” he said.

Kalifa, whose 2021 review influences the government’s decision-making on fintech, said the center “will be an instrument to promote collaboration between industry, academia and policy makers, promoting innovation and turbo charging to adopt new technologies for businesses and consumers”.

He added: “I have no doubt that this will make the UK fintech sector more competitive, and I look forward to seeing its impact across the UK in the weeks, months and years to come.”

CFIT will spread fintech innovation across the company, with financial innovation hubs planned “across UK countries and regions”, including key growth centers such as Leeds , where the new center was announced.

Leeds is an example of a city that has seen the growth of fintech. It now has 107 fintechs, with around 7,500 jobs and a valuation of £710m.

John Flint, CEO of Leeds-based UK Infrastructure Bank, said: “The fact that we are anchored in Leeds is an important part of our identity. It is in line with our mission to boost regional and local economic growth .”

UK Infrastructure Bank has announced that it is expanding its presence at its Leeds office, creating around 280 jobs.

In fact, in August, the Financial Conduct Authority announced that it was recruiting more than 100 people to work in a new digital delivery center in Leeds, as it expands its presence across the UK.

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