The fifth annual IFGS took place in London on 29-30 April
Innovate Finance Global Summit 2019: top news. Source: flickr.com
As the annual Innovate Finance Global Summit (IFGS) gathering the hundreds of industry leaders and influencers finishes, PaySpace Magazine would like to take stock of the most significant news and insights this event has shared.
UK fintech bodies form a new national network
The event organizers Innovate Finance together with the UK fintech bodies FinTech Scotland and FinTech North have announced the creation of a new national network to connect fintechs all over the country and to encourage innovators to form fintech hubs and centres of excellence.
The newly-formed fintech national network aims to foster collaboration between the hubs. Source: flickr.com
The newly-formed fintech national network aims to foster collaboration between the hubs and to promote UK fintech innitiatives nationally and globally. According to the announcement, it will focus on skills and talent, capital and investment, diversity and inclusion.
The UK is ranked third in terms of fintech investment (after China and the US). Moreover, the country has a strong startup ecosystem, taking second place (among 100 countries) in the recent Startup Ecosystem Rankings Report 2019 by StartupBlink.
The launch of the FinTech Alliance announced
The national fintech network is not the only initiative aimed at bringing together the UK’s and the global fintech sector. There is another new project, called FinTech Alliance, announced by Her Majesty’s Treasury (HMT) in partnership with the Department of International Trade (DIT).
FinTech Alliance is currently inviting the community to sign up on the platform. Source: flickr.com
The new digital platform will gather the strengths of the UK’s fintech ecosystem in one place. It also aims at attracting international investment, as well as fintechs and talents to the UK. Users (both individuals and companies) will be able to create profiles on the platform, receiving access to the network, latest insights and news, updates on regulatory changes, etc.
FinTech Alliance is currently inviting the community to sign up on the platform. The official launch will be taking place in just over a month.
The Bank of England adapts to the “new finance”
According to the Bank of England’s governor Mark Carney, the UK’s central bank is taking steps to adapt to the “new finance” and the Fourth Industrial Revolution.
Bank of England’s governor Mark Carney. Source: flickr.com
Carney believes that this new finance demands a Bank of England that is as open to new providers as it has been to traditional players, “and that’s why the new finance demands a new Bank of England.”
The Bank of England governor added that the central bank is also adapting its regulations and standards to respond to climate change and to support the global transition to a low-carbon economy.
