Cameron pushes massive FinTech job growth agenda

Innovate Finance has published its 'UK 2020' manifesto calling for a surge in FinTech jobs, garnering support from David Cameron on his Asian trade envoy.

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Innovate Finance, an industry lobby group for the financial technology (FinTech) industry, said it wants the UK to create 100,000 new sector jobs by 2020, adding to the 135,000 it currently supports.As part of his trade mission to South-East Asia , British Prime Minister David Cameron hosted a FinTech roundtable at the Ho Chi Minh City Stock Exchange. The meeting brought together representatives from UK FinTech companies such as Blockchain, Pennies and Earthport with Vietnamese companies and financial institutions.Mr Cameron also threw his weight behind Innovate Finance's goals. "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," said Cameron. "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."Innovate Finance also said it will respond to the government's drive to produce three million new apprenticeships by helping to develop sector-led standards.The group says it wants the UK to be "the most investment-friendly environment for FinTech globally, attracting $4 billion of venture investment and $4 billion of institutional investment in corporate venture funds, accelerators and innovation programmes."Globally, FinTech is worth £20 billion in annual revenues in the UK. Britain attracted 42 per cent of all European FinTech investment in 2014. Global investment in the sector has tripled in the last year from $4 billion to $12 billion. Some predictions put that figure at $46 billion by 2020.Innovate Finance says the UK needs the "conditions necessary to establish an attractive investment environment for UK FinTech." It goes on to say that, "This is important given that $4.7 trillion in revenue for traditional financial services is potentially at risk of being displaced globally by new technology-enabled entrants."The group says the UK needs continued tax relief for small, early stage companies such as the SEIS and EIS schemes to attract the venture capital needed for the FinTech sector to grow.For more news and articles like this, see Re:locate's Enterprise section.