Adam Afriyie, the MP for Windsor, has welcomed recently released statistics showing that the UK received more investment in the fintech industry than any other country in the world in the first half of 2018.
Data produced by KPMG’s pulse of fintech report has shown that UK-based fintechs received £12.2bn in investment, whilst investment in the entire rest of Europe stood at a substantially lower £7.6bn. China received the second most investment with £11.5bn and the USA received the third most with £10.8bn.
Earlier in the year the Government made an explicit statement in its Fintech Sector Strategy report to make the UK the best place in the world for fintech business.
The MP for the Windsor constituency, Adam Afriyie welcomed the figures:
“These figures really are nothing short of extraordinary. The UK is undisputedly the fintech capital of Europe, and quickly emerging as the fintech capital of the world.
“We must constantly remember that this didn’t happen by accident. It is a result of the UK’s light-touch and proportionate regulation coupled with the FinTech Sector Strategy which aims to make the UK the best place in the world for fintech business.
“Yet this is a headstart, not a birthright. Every innovation that the UK comes up with, such as the regulatory sandbox or our Open Banking protocols, are quickly adopted by other countries. So we constantly need to innovate in order to stay ahead.
“My sense is that the next big area we need to make headway on is blockchain and cryptocurrencies, so we should examine how to reduce regulatory barriers to firms using blockchain to raise capital and transfer shares, and the industry as a whole needs to set out a loose self-regulatory code for cryptocurrencies and Initial Coin Offerings.
“I am confident that in 5 or 10 years’ time the UK will not only consolidate its position as the fintech capital of the world, but in particular we will see investment in more companies outside of London. But this will only happen if we constantly strive to innovate our regulatory environment and open our doors to talent from across the world.”
Note to editors
1. Adam Afriyie has been Member of Parliament for Windsor since 2005.
He has been Chairman of the All Party Parliamentary Group on
Financial Technology since he founded the APPG in 2015.