{"id":79772,"date":"2017-03-16T11:23:52","date_gmt":"2017-03-16T11:23:52","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=83eed0493857c28828a1275111b73e57"},"modified":"2017-03-16T11:23:52","modified_gmt":"2017-03-16T11:23:52","slug":"speech-simon-kirby-speaks-at-the-lse-global-fintech-investor-forum","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=79772","title":{"rendered":"Speech: Simon Kirby speaks at the LSE Global FinTech Investor Forum"},"content":{"rendered":"
\n

Good morning everyone.<\/p>\n

It\u2019s always a pleasure to come to the London Stock Exchange \u2013 one of the oldest exchanges in the world, one of the biggest, and one of the best.<\/p>\n

Based in the heart of the City, it\u2019s also a symbol of what we are lucky to have in the country at large.
\nAnd that\u2019s our outstanding prowess in the world of global finance.<\/p>\n

Because it is a truth universally acknowledged \u2013 perhaps not always universally liked, if you ask our global rivals \u2013 but a truth universally acknowledged nonetheless, that the UK is one of the best places for financial services firms in the world.<\/p>\n

And today, we opened the markets talking about something that\u2019s going to help us keep it that way – our FinTech.<\/p>\n

Now FinTech is, without doubt, a pretty broad term, covering a pretty wide range of different specialisms.
\nBut for me it boils down to the technological advances that will mean real improvements to our financial services \u2013 whether that\u2019s in how money is lent, payments are made or decisions are taken.<\/p>\n

And as you\u2019d expect in a country that is home to so many world-class financial experts, we\u2019re proving to be the best in the world in this sector.<\/p>\n

I\u2019ve heard from businesses of all kinds about how they are shaking up financial services with their innovative, new developments.<\/p>\n

And that\u2019s not just about what the big, established players of this industry are doing.<\/p>\n

It\u2019s also about all the exciting new start ups \u2013 both across the country, and even internationally \u2013 I met several British companies, for example, when I went to visit the Cyberport FinTech space in Hong Kong just a couple of months ago.<\/p>\n

So what is clear to me, is that in FinTech, we\u2019ve got all the ingredients for a real British success story.
\nAnd the question for all of us is how we can help it unfold further.<\/p>\n

There is of course, much we\u2019ve already done to create the right environment for success.<\/p>\n

Let me give just three examples of things that people keep telling me they envy in the British system.<\/p>\n

Firstly, the FCA<\/abbr>\u2019s regulatory sandbox.<\/p>\n

That\u2019s already proven its worth to businesses which need to test out their new models and products with real consumers \u2013 and to do so in a safe regulatory space.<\/p>\n

Secondly, the Bank of England\u2019s FinTech Accelerator.<\/p>\n

Which is giving FinTech companies the chance to work with the Bank to find innovative solutions that help it improve how it performs its job as the country\u2019s central bank.<\/p>\n

And thirdly, the FinTech Delivery Panel.<\/p>\n

Which is all about our leading finance and FinTech companies \u2013 and often rivals at that \u2013 coming together to work out how to make the UK an even better place to do business \u2013 and I look forward to the ideas that will come out of this group.<\/p>\n

One last thing deserves a mention \u2013 Open Banking.<\/p>\n

We\u2019re not quite there yet \u2013 the full release is on track for January next year \u2013 but this is really going to make a big difference to change banking as we know it\u2013 allowing customers to give FinTech companies safe access to their personal data held by their bank, so they can take advantage of new services.<\/p>\n

It is clear that we\u2019ve got a good environment for FinTech to flourish.<\/p>\n

But I\u2019ve been asking FinTech companies what more can be done.<\/p>\n

And the answers I get tend to fall into three main categories \u2013 it\u2019s about talent, international connections and investment.<\/p>\n

So let me take each one of those in turn.<\/p>\n

And let\u2019s start with the people. Because as a business man myself, I\u2019ve seen first-hand that it\u2019s the people that make all the difference to any company\u2019s success.<\/p>\n

And there are two points to make.<\/p>\n

Firstly, on developing our own home grown talent. And I think there\u2019s an awful lot we\u2019re doing to reform our education system and prepare the next generation for the 21st century \u2013 look, for example, at the fact that we were one of the first countries in the world to put computer coding on the national curriculum.<\/p>\n

But the other point is about international talent \u2013 and I know Brexit has worried some of you on this front \u2013 especially as FinTech is one of the most international sectors in what is already a very international industry as a whole.<\/p>\n

Let me reassure you then, that we know how important this is. In fact, I held a meeting with FinTech companies just last month – with my colleague, Robert Goodwill, the Immigration Minister \u2013 to discuss this very issue.
\nAnd I want to say to you, as I said to those firms, that though this government is determined to control our immigration, I cannot conceive of any circumstances in which we would want to stop companies moving highly qualified, highly skilled people into their businesses here in the UK.<\/p>\n

We want all of our industries to keep reaping the benefits of the world\u2019s best talent \u2013 both in terms of the international members of staff you already have and value, and those you will want to hire in the future.<\/p>\n

The next big ask you had of us, was that we keep working to make links between the UK and other international markets.<\/p>\n

Because many of you have a really global outlook \u2013 we\u2019ve recently been supporting World First, for example, as they take their money transfer business across the globe, with openings in China, India, Korea and Japan.
\nAnd in turn many international companies are coming to the UK \u2013 last month, for example, we welcomed Square to the Treasury \u2013 the San Francisco mobile payments company, which is preparing to launch its UK operations.
\ngovernments can do a lot to help such companies as they go across borders, by bringing down barriers, and paving the way for greater co-operation and more complementary regulatory systems.<\/p>\n

That\u2019s what we\u2019ve been working with our international partners to do \u2013 particularly, through our bespoke FinTech Bridges.<\/p>\n

We\u2019ve already got three of these agreements with big FinTech markets \u2013 Singapore<\/a>, the Republic of Korea<\/a> and China<\/a>. And we\u2019re working on our next with Hong Kong \u2013 to build on the regulatory agreement between the FCA<\/abbr> and Hong Kong Monetary Authority we already have in place. All of which is good news for those British start-ups I met in Hong Kong\u2019s Cyberport.<\/p>\n

And I\u2019ve been flying the flag for British FinTech throughout my visits to Asia.<\/p>\n

I promoted it at the Asian Financial Forum in January.<\/p>\n

I went to Singapore\u2019s inaugural FinTech festival with a trade mission of impressive British FinTechs.<\/p>\n

And I\u2019ve been talking FinTech in my visits to Indonesia, Malaysia and Hong Kong.<\/p>\n

We\u2019re also really fortunate to have Eileen Burbidge as our special envoy \u2013 to promote our FinTech sector \u2013 both at home in the UK, and with international investors.<\/p>\n

That brings me to the last issue you raised with us, which is investment \u2013 and again, I know Brexit is a factor in your concerns.<\/p>\n

But it\u2019s not the cause of them. Because even before the Referendum in February last year, an EY report told us that capital investment in UK FinTech is falling behind that in other countries.<\/p>\n

Consider just this one stat \u2013 in 2015, the UK attracted \u00a3524 million of external investment into FinTech. While New York and California got about \u00a35 billion between them.<\/p>\n

So we\u2019ve been working with you to turn that around. And one of the things we\u2019ve got coming up to do that, is our International FinTech Conference<\/a> on the 12th April.<\/p>\n

This is going to gather investors from the UK, and around the world, to see for themselves what British FinTech has to offer.<\/p>\n

It\u2019s going to have a glittering cast of senior business leaders, like the London Stock Exchange\u2019s very own Xavier Rolet, and the CEOs of the British Business Bank, TranferWise and Funding Circle.<\/p>\n

As well, of course, as the Chancellor of the Exchequer, the Governor of the Bank of England and our special FinTech envoy, Eileen Burbidge..<\/p>\n

So if there\u2019s anyone here who doesn\u2019t know about the conference who wants to come along, details are online, or you\u2019re always welcome to get in touch with my office at the Treasury.<\/p>\n

Because my door is very much open to British FinTechs.<\/p>\n

I\u2019ve already been meeting companies from across the country, and listening to what you have to tell me.<\/p>\n

And I want to keep hearing from you \u2013 to know what you\u2019re worried about, and what you\u2019re excited about too.<\/p>\n

Because this government is here to support you as you build your businesses up, compete internationally, and collaborate internationally too.<\/p>\n

So if you ask me, the world should watch this space \u2013 because British FinTech is going to go from strength to strength.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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