Financial Services: Technology

HM Treasury written question – answered on 7th February 2018.

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Photo of Adam Afriyie Adam Afriyie Conservative, Windsor

To ask Mr Chancellor of the Exchequer, what recent steps he has taken to promote financial technology.

Photo of Adam Afriyie Adam Afriyie Conservative, Windsor

To ask Mr Chancellor of the Exchequer, what recent steps he has taken to promote alternative finance.

Photo of Adam Afriyie Adam Afriyie Conservative, Windsor

To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the contribution of financial technology to the UK’s financial sector.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

Fintech offers a significant opportunity for the financial sector, providing new jobs and delivering benefits to consumers through increased competition and innovation. It contributes £6.6bn annually to the UK economy, employing 60,000 people across 1,600 companies.

The most recent step taken to promote the UK’s fintech industry, is the government’s second International Fintech Conference, due to be held on 22 March 2018. The conference will help showcase the UK fintech sector to investors from across the globe.

The government is continuing to support alternative finance, through implementing proportionate, principles based regimes for peer-to-peer (P2P) and equity-based crowdfunding that balance consumer protection with allowing the sectors to grow and evolve; and various supportive tax measures.

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