Membership organisation Innovate Finance has launched a regional strategy to connect the estimated 66% of financial services technology hubs outside London with each other and the city.
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At its first global summit, Innovate Finance highlighted the importance of promoting innovation by ensuring existing finance technology companies can engage and work with each other.
To address this it has launched a regional strategy designed to connect regional financial technology hubs across the UK.
"Two-thirds of the UK’s one million people in finance are employed outside London,” Claire Cockerton, founder and CEO of Innovate Finance, said.
“Just as finance no longer needs to be centralised and delivered by the few, Innovate Finance understands that what we really need is to be close to the consumer and close to the specialised assets in our clusters in their regions.”
Read more about finance technology
- Innovate Finance, is a private members association allowing participating enterprises a single point of access to fintech resources such as customers, educators and policy makers.
- Barclays has completed the first round of its financial services technology (fintech) startup accelerator, following a demo day.
Mapping out assets
The organisation plans to do this by commissioning a quarterly survey to highlight regional strengths, and map assets in particular regions – such as incubators and entrepreneurs.
A series of partnerships have also been made with the Lord Mayor and Leeds City council, and partnership events will be launched in Leeds, Isle of Man, Manchester and other finance technology hubs across the UK.
“There are more people employed in London’s fintech sector than there are in New York or Silicon Valley,” said Mark Boleat, chairman of the policy and resources committee of the City of London Corporation.
“A number of those businesses have substantial bases here in the city or nearby, and they’re recognising that their next bright idea isn’t simply going to come from their own in-house strategy teams or IT departments, but from startups and entrepreneurs, coders and graduates up and down the country.”
But it has been debated in the past whether financial technology startups can survive outside of the city. Commentators have pointed out that, while costs may be lower, it may also be difficult to get the support needed to drive growth.