A Treasury-commissioned review is to set out a five-pronged strategy for a “big bang” in the financial technology sector that could create thousands of jobs.
The report by Ron Kalifa, former boss of payments processor Worldpay, outlines proposals for ten “clusters” around the country to act as hubs for innovation. The clusters, designed to ensure the industry is not overly focused on London, could receive funds from local enterprise partnerships, which link local authorities and local business.
Proposed locations for these clusters include the Edinburgh-Glasgow corridor and Wales, where Admiral and Moneysupermarket have operations.
Kalifa’s report is expected to be delivered to Rishi Sunak as soon as this week. The chancellor commissioned the review in the hope that it will help fintech thrive after Brexit.
