Fintech industry leaders will gather in Parliament this month to discuss the future of the UK’s digital economy.
The Digital Economy summit, organised by the Parliament Street think tank and hosted by former business minister Dean Russell MP, will include discussions around the importance of the fintech industry in driving business growth and empowering infrastructure. It will be chaired by Steven George-Hilley, founder of Centropy PR, and take place at 6.30pm in the Houses of Parliament on Monday 22nd May.
Panellists will also discuss the challenges facing the industry such as regulating AI technologies, the risks posed by cyber crime and combatting fake online reviews.
Key speakers include Chris Downie, founder of fraud detection platform, Pasabi, Steven Mooney, founder and CEO of business investment firm FundMyPitch, George Saunders, Director of Digital, Bordeaux & Burgundy, Khalid Talukder, co-founder, DKK Partners, and Fraser Stewart, co-founder, Lyfeguard.
The event comes following recent research from the Federation of Small Businesses (FSB) revealing increased confidence in UK firms, with tech companies ranking top. However, the report also warned of ‘dark clouds’ on the horizon, due to surging inflation and global economic uncertainty.
The UK Fintech Market.
Fintech has been revolutionizing the financial industry, and the UK is no exception. With its strong infrastructure and supportive regulatory environment, the country has emerged as a global fintech hub.
The UK Fintech market has been growing at an incredible pace and is expected to continue its upward trajectory in the coming years. According to a report from Boston Consulting Group (BCG) and QED Investors, the global Fintech industry has been projected to grow sixfold from $245 billion to $1.5 trillion by 2030. While the UK fintech market specifically was projected to reach £30 billion, representing a compound annual growth rate (CAGR) of over 20% this 2023.
This growth can be attributed to several factors including increased adoption of digital banking solutions by consumers, the rise of open banking regulations, and continued investment in fintech startups by venture capitalists.
In addition to traditional financial services such as banking and payments, other areas within fintech such as wealth management and insurance are also experiencing significant growth. As technology continues to advance, we can expect even more innovative products and services from the industry.
It’s clear that the UK fintech market will remain a key player in shaping the future of finance both domestically and globally. With continued investment and innovation, it’s exciting to think about what new developments will emerge within this dynamic industry this 2023 and beyond.