EDITOR ’ S QUESTION
WASEEM MIRZA , AWARD-WINNING TECHIE PRESENTER
After years of reporting on British technology at the BBC , I remain excited about its potential . We have all the brains – from the chips that power Apple iPhones – to the gaming industry that continues to outstrip Hollywood . Innovation is thriving , supported by a mostly favourable regulatory environment . With Labour now in power , there ’ s plenty that FinTech can achieve too .
Open Banking has revolutionised consumer control and spurred innovative financial tools . Digital banks like Monzo , Starling , and Revolut have all set global standards . Yet , there ’ s room for improvement . Seamless and secure data sharing with users in control is in sight . The government can drive this by promoting open data , enabling personalised financial products that truly meet individual needs . Blockchain , AI and next-gen finance often resemble the Wild West , with unclear regulations . A collaborative approach is essential , where government and industry leaders create clear , responsible innovation regulations .
FinTech has the power to enhance financial inclusion , providing everyone with essential financial tools . The government should champion accessible financial products and services , perhaps through digital literacy programmes . New alternative lending models like embedded finance could be key : Imagine you ’ re shopping online and at checkout , you have the option to pay in installments without leaving the retailer ’ s website . That ’ s one example of embedded finance ( EF ) in action . Deloitte says there is no specific regulation for it yet . But it could be a game changer for many according to a new report by Finextra Research .
As digital risks grow amid geopolitical changes , cybersecurity is paramount . The government should invest in robust cybersecurity infrastructure and promote best practices within FinTech . Creating a secure digital environment builds confidence in new technologies , from cyberspace to the metaverse .
Britain boasts impressive diverse FinTech talent but needs more . A 2024 report by Gigged A . I . revealed that 34 % of UK tech firms face significant tech skills shortages . The government must support STEM education , fostering partnerships between universities and FinTech companies to produce future experts .
In the past 14 years under Conservative rule , we ’ ve seen both achievements and setbacks . While technological advancements were significant , issues like regulatory uncertainty and skill shortages persisted . A Labour government has the chance to address these gaps , enhancing British FinTech ’ s position globally and ensuring a brighter financial future .
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