of International Trade Bureau (DIT) announced the first ‘fintech champions’ of Scotland and Wales at the Trade Commission meeting in Wales.
open banking company Direct ID Appointed Scottish Fintech Champion.On the other hand, mobile payment solution provider Yoelo Named Welsh Fintech Champion. These companies are the previously announced Northern Ireland Fintech Champions, Regtech Solution Providers, fin true.
The news means that a ‘champion’ has been chosen in each of the UK’s nations. The “Fintech Champions” scheme is DITs The appointed fintech will work with other industry leaders to strengthen the UK’s fintech hub’s global standing.
Selected fintechs can also help drive global expansion. Fintech Champions also help UK companies scale by providing one-on-one sector-specific advice.
Andrew Bowie, the Export Minister explained the decision to select DirectID and Yoello for the position. “Fintech is already worth billions of dollars to the UK economy and we are keen to see the industry continue to grow over the next few years,” Bowie said.
“The participation of these two companies in the Fintech Champions program gives us the expertise to support companies in all four countries looking to expand their operations.
“Both are industry leaders and will do a great job promoting the UK’s status as a global fintech hub.”
Built on success
Today, the UK already accounts for over 10% of the global market share. The fintech economy is projected to grow to £380bn by 2030.
The UK receives about 11% of global investment in the sector and attracts almost half of all European investment.quote from innovation finance Total investment in UK fintech in 2021 will reach $11.6 billion.
With the UK already in a strong global position, the DIT aims to create more jobs and encourage further investment in the sector. The trade sector also appears to be taking advantage of existing global trade ties, he explained.
With a growing number of fintech companies exporting globally from the UK, the DIT will help the sector leverage global trade ties, ultimately creating more jobs and increasing access to all corners of the country. We encourage further investment.
£11bn UK fintech sector growth
James Vargathe CEO and founder of DirectID spoke on the news.
“DirectID currently powers some of the world’s largest brands in North America, Europe and Asia.
“DirectID helps us scale, drive efficiency, manage risk, and create fairer outcomes for our customers.
“Whether we work with other industry figures to promote the UK as a place to do business or share knowledge about our experience exporting to multinationals, the £11 billion of the UK We are proud to help grow the fintech economy.”
Yamani ShinaYoello’s CEO and Founder has provided his perspective on what the Welsh fintech economy has to offer. Mr. Yamaji explains: Cardiff metropolitan area Fintech Wales helps businesses scale and contribute to the Welsh economy through increased employment, exports and investment.
“We are honored to support the Welsh Fintech Champion program and look forward to helping companies accelerate their growth ambitions towards a thriving Welsh economy.
“The Fintech cluster has grown significantly thanks to the support of the UK Government and the DIT. Their continued support through this program will help further grow the economies of Wales and the UK.”