One year on from the Kalifa review, the Innovate Finance membership community (FinTech CEOs and founders) have published an open letter expressing their contentment in seeing action taken to implement a majority of the Kalifa Review’s recommendations by the UK Government.
The letter lists the developments and changes that have occurred in this time, one of which includes a new industry-led Centre for Finance, Innovation and Technology (CFIT), “which will help catalyse development of much-needed solutions to critical challenges facing the sector such as open banking, digital ID, and finance for small firms through the creation of key coalitions. Work is underway, led by the City of London, to have CFIT up and running this year.”
The letter acknowledges that “good progress” has been made by the government, regulators, and industry but that there is an “opportunity for more” to be done, in particular, in the regulatory space, with crypto currencies and to focus on investors’ growth in the UK. The letter stresses the need to continue to build on this momentum and commit to ensure the UK’s position as the leading hub for FinTech is maintained.