WIREDGOV

techUK welcomes Government's ambition to be world leader in FinTech.

Following the release of the FinTech Futures report by the Government Office for Science, Lisa Moyle, Head of Financial Services & Payments at techUK, commented:

"We are delighted to have played a role in the development of the GoScience report on financial technologies (FinTech). techUK welcomes the Government's stated ambition for the UK to cement its world leading position in developing FinTech, and to become a global hub for financial innovation.

"techUK has consistently highlighted the urgent need to modernise the complex legacy banking technology infrastructure to enable financial services to maximise the potential of new and emerging technologies. The report notes that government could take the lead in commissioning a 'digital modernisation strategy, helping to reduce the drag of legacy and complexity of technology infrastructure'.

"This comprehensive review of FinTech covers issues of importance across the financial technology sector, including employment, skills, the regulatory environment, globalisation and inclusion, highlighting both opportunities and potential challenges. It is a welcome assessment of an industry where the UK has the potential to be a global leader."

techUK represents many of the firms that provide the technologies that underpin and continue to drive innovation across the financial services sector, and works with these members to bring to life the technologies highlighted by the report as being crucial to the future of FinTech:

• Machine learning and Cognitive Computing
• Digital Currencies and Blockchain
• Big Data Analytics, Optimisation and Fusion
• Distributed Systems, Mobile Payments and peer-to-peer (P2P) Applications.

The full report and associated infographic can be downloaded below.

FINTECH FUTURES REPORT (PDF)FINTECH FUTURES INFOGRAPHIC (PNG)