The Kalifa Review identified the opportunity for Britain to build on our success as a leading global centre for fintech and found that growth funding, increased government support and regulatory sandboxes could lead the UK to the top of the global fintech league table.
One year on from the publication, the letter shares that the industry is “pleased to see action taken to implement a majority” of the Kalifa Review’s recommendations by UK government, regulators and industry. These actions include plans for scale-up visas, a new industry-led Centre for Finance, Innovation and Technology (CFIT), a central bank digital currency and a Financial Conduct Authority (FCA) scalebox for growing fintechs.
However, they said that it is important to build on this current momentum in order to “cement the UK’s position as the best location in the world” to start, build and scale a fintech business with the “regulatory rule book requiring further updating”.
It adds: “In light of the successes outlined above, it is now more important than ever that we – industry, government, and the regulators – do not pause, but rather build on this current momentum and commit to cement the UK’s position as the best location in the world to start, build and scale a fintech business.”
“Now is the time for even bolder action to realise the Kalifa Review vision: to work together to maintain the UK’s coveted position as the leading hub for fintech, creating solutions that strengthen our economy, foster greater financial inclusion and wellness, tackle climate change and build a more sustainable financial services sector for all.”
Read the full letter on the Innovate Finance website.