UK Government appoints first ever Welsh fintech envoy
Seasoned technology entrepreneur Richard Theo has been confirmed as the first ever Welsh fintech envoy.
Appointed by Chancellor Philip Hammond, his job will be to champion Wales’s growing fintech sector and to promote it as a hotspot for international companies.
It is believed that the fintech industry is worth £7 billion to the British economy and employs 60,000 people. The industry encompasses areas such as digital banking, payment technologies and peer-to-peer lending.
Richard is the founder of Wealthify, an affordable and easy-to-use online investment service. Open to everyone, it requires no prior investment knowledge or experience.
After making the announcement, Philip Hammond spoke about the importance of the sector. “The financial world is being transformed by the fintech revolution, so it’s vital that each corner of the UK can harness its power,” he said.
“That’s why we’ve invited Richard Theo from Wealthify – one of Wales’ greatest fintech success stories – to be our envoy for the region.
“I’d like to congratulate Richard on his new role. His extensive experience in the industry makes him the ideal candidate, and I am certain he will build on the success of the existing envoys in helping the UK to remain at the cutting edge of the digital revolution.”
Secretary of State for Wales Alun Cairns confirmed that he’ll work with Theo to support Welsh fintech companies. “Congratulations to Richard Theo for being appointed the UK Government’s Fintech Envoy for Wales,” he said.
“This is an exciting and emerging technology in which Wales is now an established UK leader, with companies ranging from giants like Admiral and Go Compare to a burgeoning host of start-ups.
“Financial services and fintech are a dynamo that will create many more high-pay high-skills jobs in Wales. I look forward to receiving Richard’s advice on steering this sector to even greater success.”
Richard Theo, co-founder and CEO of Wealthify, said: “It’s a huge honour to be appointed as the Government’s fintech envoy for Wales and to have a chance to help support the growth of fintech in our region.
“Wales already enjoys considerable fintech success and is well placed to become a leading fintech centre. It is a fantastic place to do business, benefitting from a strong work ethic and entrepreneurial culture, low operating costs, excellent connectivity and a great lifestyle.
“It is already home to a wide range of accelerators and incubators, and a phenomenal network of tech, fintech and financial services businesses.”