The UK is viewed as a leading location for FinTech thanks to its position as both a top financial services jurisdiction and one of the highest ranked global technology hubs. It cannot rest on these laurels, as there is competition from Asia, the US and increasingly from Europe.
Global expansion is essential for scale and profitability of FinTech businesses. The global FinTech market is set to be worth approximately $305.7bn by 2023, expanding at a CAGR of 22.17% between now and 2023 (14). The expected impact of technological change on overall UK trade with the rest of the world has the potential to triple by 2050 (16). Much of this addressable market will be led by businesses incubated in leading FinTech hubs and Financial Services jurisdictions – this is the UK’s opportunity.