General Election Fintech Manifesto

Innovate Finance is delighted to publish its General Election FinTech Manifesto that sets out three ambitions we are calling on the next government to deliver in order to support the continued development of the UK’s FinTech sector.

Our manifesto has been developed with members through our policy work and calls on the next government to adopt a ‘FinTech first’ approach, recognising the role FinTech can play in tackling some of the biggest challenges facing the UK. From the environment to the economy, FinTech can support the next government and play a positive role across the UK.

The three ambitions we outline in our FinTech manifesto are:

• Build the world’s first smart data economy The UK has played a global leadership role in the development of Open Banking and now has the opportunity to take important steps forward on delivering the future of Open Banking, moving towards Open Finance, and then the wider smart data economy agenda.
• Make the UK the most secure place in the world for consumers and businesses to use digital finance Tackling the rise of fraud is essential for the sector’s continued success so that consumers and businesses feel safe and secure transacting online. The next government must prioritise tackling fraud in a holistic way by bringing together all relevant stakeholders, and focusing on solutions that address online fraud at its source.
• Make the UK the world leader in adopting new technology in finance Numerous factors contribute to the UK’s position as a FinTech hub, such as the regulatory environment, investment landscape, and highly educated population. Each of these creates the conditions for a favourable regulatory environment for FinTechs to grow, secure early stage funding, and find digital savvy consumers to use their products and services. These issues combined create the conditions for the UK to play a leading role in the adoption of new technologies in finance.

You can read more about each of these ambitions in our full manifesto here.

The conversation on our vision outlined in the manifesto is only just beginning and we want to hear from across the FinTech ecosystem as we continue to develop these ideas.

Our policy team is keen to hear views and ideas to further develop our vision and manifesto into 2024. Get in touch with them to share your thoughts by email at policy@innovatefinance.comor fill in the form below.