No products in the cart.
- Latest
- Trending
ADVERTISEMENT
speak in FinTech North 5th Annual Conference in Manchester, Chair Chris ShearThe UK Treasury Special Envoy for Fintech has warned of a ‘potential’ crisis in fintech amid the UK’s financial turmoil. It is estimated that by 2022 he will have lost as much as 500 million from the UK stock and bond markets.
Fintech could potentially be at stake right now, Sier said in his welcome speech to the delegation. People who invested in you and flooded the cryptocurrency and distributed ledger markets are now burning out.
“People who invest in the capital markets are getting burned. Venture capital funds and private equity funds are declining in valuation. They give less money. They are failing. So now If you’re trying to raise money, be prepared to struggle.
Despite the bleak outlook, Sier suggests there is “great value out there” and investors are looking for “solid ones”, especially “proven well-managed investments.” suggesting that they would favor those that have or reduce risk.
“So if you want to grow, but exciting fintech that’s cursing and regulating, think again,” he said. “If you’re a fintech that’s willing to play the game of regulators and play the game of making sure consumers are well protected, then you have a great opportunity.
If youre rushed and overenthusiastic, talking big about your company but not how you manage risk, youre probably going to have a hard time right now. Take control of how you express yourself, measure because the money is there, but not for the unbridled growth that comes with some things.
Sier cited the collapse of cryptocurrency exchange FTX as an example of both governance and compliance failures. Compliance has a role to play, and fintechs looking at compliance have a very strong role.
FinTech North’s Manchester 2022 conference took place on November 24th at Whitworth Hall at the University of Manchester. The hybrid event attracted over 180 attendees and featured 45 speakers throughout the day. In addition, 17 companies participated in the Fintech Showcase.
Panel discussions spotlighted women’s entrepreneurship, Manchester’s fintech scene, and research and innovation.
peter canaanInnovate Finance’s Director of International and National Initiatives provided an update on the UK’s fintech status.
in the meantime white cap consulting In collaboration with key local stakeholders, A new report focusing on Greater Manchester’s fintech ecosystem. The full report will be released in February 2023.
Fintech North’s final panel addressed the lack of funding for women entrepreneurs. Heather Waters Regional Ecosystem Manager, nat west, Only 1 in 5 entrepreneurs are women. The single biggest barrier is access to finance. Less than 1% of VC investments go to all-female teams.
FinTech North is part of it. Fintech nationwide network, Announced in 2019. FinTech Scotland, FinTech Wales When Fintech Westand supporting financial innovation across the UK.
