The government has not made an assessment of the proportion of productivity growth in the last five years that is attributable to financial technology.
However, the Government has taken significant steps to increase competition in financial services, including creating an environment in which Fintech firms can grow and compete with incumbents. The Competition and Market Authority has led the Open Banking initiative, bringing more competition and innovation to financial services. The FCA has also established the Innovation Hub and Regulatory Sandbox to support Fintech, both of which are held up as global examples of best practice. Further information on the Government’s efforts to promote FinTech can be found in the FinTech Sector Strategy, published in March 2018.