The Big Boost of UK's fintech market with Innovate Finance

Just a week ago, a new industry body was established in London, changing the course of the FinTech Market in the UK for better. This industry body, known as Innovative Finance, is established with the aim of promoting UK’s fast-growing financial technology sector’s interests. The importance of this body can be determined by the fact that more than 250 senior representatives from FinTech and financial sectors, media and government attended the launch that was held at Level 39. What exactly makes Innovative Finance such a scoop already? Here are some facts about the organization and what it aims to do.

What Is Innovative Finance?

In 2013, the Canary Wharf Group in coordination with the City of London, established Level 39, a fin-tech accelerator space located at One Canada Square. The purpose of this construction was to devote an entire resource centre to the development of this rapidly growing market sector in the UK. The launch of Innovative Finance was an attempt to move this FinTech development program to another level by creating a proper industry body that can assist both existing and start-up financial companies in promoting the best interests of this sector.

Aims of the Organisation

The aims of Innovative Finance include:

To provide companies a collaborative platform where they can learn about areas of further innovation they can make from each other.
To help organisations understand how they can use technology to find solutions to their problems through collaborative learning.
Providing FinTech start-ups access to industry experts and veterans who can teach them about the requirements of managing financial firms and show them what they can achieve in the future.

The Current Project Focus of the Body

Currently, this industry body has 53 companies as its members, working under CEO Claire Cockerton. These companies include leading global financial, digital data, lending, insurance, crowd funding and payments firms. The Forex industry holds a special focus for this body at present since Forex magnates are increasingly looking for products that can handle automated data mining.

A group of data compliance and fraud-related companies, along with social trading broker eToro and financial applications development company OpenFin are working to come up with these solutions. Moreover, financial firms are looking for technology-based solutions that can efficiently handle lengthy processes while keeping a check on issues like customer identification, money laundering and client fraud. They are also working to produce technologies that can be used to track and manage customer registration.

The Launch

On the launch event of Innovative Finance last week, a number of plans were brought to light that this industry body initially wants to work on. Both CEO Claire Cockerton and George Osborne who was keynoting presented official statements on behalf of the organisation.

According to the CEO,

“The financial services industry needs a radical transformation. Everyone who is working today in the financial services sector sees great room and potential for growth and development in this industry, whether it’s banker, young entrepreneurs or consumers. The aim of Innovative Finance is to convene and accelerate these visionary innovators with the help of proactive members. While we have the right market conditions, talents and expertise in UK and London, it is our collective efforts and entrepreneurial spirit that is needed to lead us towards global growth and prosperity.

The launch of our organisation with the founding members today is an attempt in benefiting all of us through a powerful new brand under which collaborative efforts can be made to connect with and learn from each other.”

In addition to that, George Osborne remarked,

“For government’s long term economic plan to be viable, it is essential that the position of UK as world’s finance centre is cemented. This can only be achieved by making innovations in the finance industry and harnessing it alongside our existing skills and knowledge in the financial sector. By achieving this, we can ensure that Britain’s financial sector meet the growth goals we have envisioned for its future, and continues to meet the diverse need of consumers and businesses. This is what makes my presence at this wonderful platform so fantastic.”

With this new body launched in the FinTech sector, you can now expect major growth and development in this industry in the UK, ensuring that the goals of making Britain world’s financial centre are met.