New organisation to champion fintech across Wales

A new organisation to champion and help grow the FinTech sector in Wales has been launched this week.

FinTech Wales will operate as a not-for-profit independent organisation to support financial technology and services companies across Wales.

It was announced by Richard Theo, the UK Government’s Fintech Envoy for Wales, during the annual Innovate Finance Global Summit at the Guildhall in London on Monday.

The organisation will bring together entrepreneurs, companies, technology suppliers, innovators, universities and public sector bodies to accelerate growth in this lucrative sector.

With the aim of acting as a global voice and advocate for fintech in Wales, FinTech Wales has established an advisory board of 20 key figures from Welsh companies such as Credas, Confused.com, Admiral, The Principality and Capital Law.

Announcing the launch earlier this week, Wales’ FinTech Envoy Richard Theo said: “The inauguration of FinTech Wales is the culmination of the work I have done to meet the challenge set by Parliament when I was appointed as FinTech Envoy for Wales in May 2018.

“We are at an early stage in this process, but we have already held our first Advisory Board meeting with around 20 people representing FinTech companies, financial services institutions and other organisations.”

Last year, the UK Government unveiled its Fintech Sector Strategy after identifying the industry as a strategic opportunity for the British economy.

As part of this, the government appointed six regional envoys to ensure that the potential of fintech is realised in other areas of the UK – and not just London.

The Welsh Government has supported this initiative by appointing Gavin Powell to lead the formation and planning of FinTech Wales. It said a full launch, introducing each panel member and FinTech Wales’ strategy plans, is expected in the summer of 2019.

Richard added: “Wales has many unique advantages as a location for FinTech and we aim to build on this and make it the best place to setup or scale-up a FinTech company.  We will now develop a programme of activities to support businesses and entrepreneurs who want to setup or operate in Wales.”