Jeremy Baber , CEO of Lanistar , believes it is important for the UK to capitalise on FinTech , and emulate the successes seen in other parts of the world to maximise its potential impact . “ Whilst this early commitment from Labour is a welcome one , meaningful action within legislation and government policy is needed to follow through on these promises . Labour has campaigned on a platform of change , and so bringing that sense of vibrancy and energy to its national FinTech plans has the potential to breathe new life into the industry .

“ Since its exponential growth in 2022 , FinTech in the UK has stagnated , although the UK remains 2nd globally and is far ahead of European competitors . Nevertheless , if we look at other places worldwide , we can see the exponential growth in areas hungry for business and new technologies . LATAM is an area of interest for many and is already bringing massive investments and opportunities as their FinTech sector continues to experience rapid growth . The gap between the US and the UK versus the rest of the world is closing with more competition – ultimately , great for the consumer , but if the UK seeks to stay ahead of the game , government investment in growth is sorely needed .”

Last year , a study from the Corporate Finance Institute reported that one in four UK citizens have limited

The UK ’ s change in government power has also brought mass changes and promises to sectors across the nation . Labour has recently announced its pledge to embrace FinTech , in a bid to deliver a £ 330bn boost to the UK economy over the next five years . This update comes after reports from FinTech body Innovate Finance saying FinTech firms could deliver £ 328bn in tax revenues to the Treasury by 2029 , if ministers were able to unlock a wave of institutional investment and streamline data policy .

access to financial services , due to being low-income individuals who in turn have limited access to financial services . Steep fees levied by banks in exchange for services combined with required minimum balances are a couple of the many factors excluding the unbanked or underbanked from the security and convenience a bank account offers .

“ The agility of FinTech allows technologies to be leveraged to capture this untapped market share , whilst additionally catalysing financial inclusion . With the new government ’ s pledge to support such technology development and advancement , it not only provides support back to the government and economy but also wider consumer support for those unbanked or untrusting of traditional financial services . Labour has the opportunity to streamline and champion the regulation of services and continue legitimise this source of market revenue .

“ I have every faith in the Labour government ’ s ability to work with top industry representatives and take steps to take advantage of the massive potential in economic growth . Regulation in the sector will help legitimise FinTech in the eyes of the wider public , not just those in the industry with the knowledge of key developments . But in any case , Labour ’ s embracing of its potential is a good sign ; hopefully , meaningful action to showcase support can follow .”

25