UK 'to become global FinTech powerhouse'

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An industry commitment to FinTech development has been welcomed by the prime minister

The prime minister David Cameron has revealed his ambition to make the UK a global hub for technological innovation and investment in the years ahead.

Responding to the publication of a new manifesto from financial technology (FinTech) membership body Innovate Finance, Mr Cameron stated it is a welcome development to witness this ambitious commitment to help to increase the number of people working in UK FinTech by 100,000 by 2020.

The UK remains one of the strongest financial powerhouses on the planet, with the City of London rivalling any major finance hub anywhere on Earth. However, in terms of the associated technologies that will serve to ensure the UK maintains this position well into the 21st century, there is no guarantee that UK businesses will be able to develop these systems without such concerted support.

Mr Cameron has therefore welcomed this latest announcement and highlighted the fact that the FinTech sector has considerable scope to grow in the coming years.

The prime minister stated: "This government wants the UK to be the leading FinTech centre in the world; that’s why, at the summer Budget, we appointed a special envoy for this fast-growing sector.

"I’m pleased that Innovate Finance's manifesto has set such ambitious goals, including the creation of 100,000 jobs. This will ensure we are a world leader in the development of financial services technologies."

The FinTech sector was responsible for £20 billion in economic activity in 2014 and both the prime minister and Innovate Finance believe this is an industry that will only grow in importance and value in the coming years.

Mr Cameron's comments were made as part of his ongoing prime ministerial tour of south-east Asia that is focused on developing improved business links between the UK, Indonesia, Singapore, Vietnam and Malaysia.

He has been accompanied by representatives from 31 of the nation's most burgeoning companies, many of which are currently focused on the development of the FinTech market, such as Blockchain, Pennies and Earthport.

Before embarking on his ambitious trade mission, Mr Cameron commented: "I'm delighted to be taking British businesses to this vast and dynamic market, securing deals worth over £750 million and creating opportunities for hard-working people back at home."