Chancellor of the Exchequer George Osborne has big plans for the UK Fintech Sector and wants to create "the best environment" for financial innovation to thrive, Financial News reports.
Osborne was a key figure present at the launch of Innovate Finance -- the industry body which, according to Finextra, will support the UK in its ambition to become the centre of financial services and tech innovation. He said at the event that the government is planning new measures to boost the fintech sector.
The measures include a programme that will explore ways to regulate virtual and digital currencies in the UK, and legislation to pave the way for small and medium-sized businesses to access alternative sources of finance so banks wouldn't be their sole option.
In Osborne's view, innovative solutions such as mobile banking apps, peer-to-peer landing and virtual currencies will transform our lives and present a significant economic opportunity. The Financial Times points to a report by EY and UK Trade & Investment, indicating that currently the UK fintech industry generates revenue of around £20 billion a year.
Innovative Finance will aim to support the sector and promote the UK as a central spot for fintech innovation. The body has launched with 53 member companies -- both big financial institutions and startups among them.
As Innovative Finance's group board has said, the body will play a key role in encouraging collaboration between banks and newcomers on the fintech scene. Coupled with the government's planned measures, Innovative Finance is expected to give UK's fintech sector a serious boost.