In the year where Open Banking and GDPR comes into force, FinTech has never been so important.

Wednesday, 31 January 2018

FinTech Fortnight aims to educate the UK on the growing importance of FinTech and Open Banking

Returning partner Nationwide will discuss apps and how banking is changing

Fintech is now worth £7 billion to the UK economy

FinTech Fortnight (5th-18th of February) is back for its second year, promising to be even bigger and better than before, as FinTech has only grown in the last twelve months.

According to the Treasury, FinTech is now worth £7 billion to the UK economy.

FinTech Fortnight has returned to help educate businesses and the public on what FinTech is, and how it can help them.

Open Banking promises to revolutionise how money is managed, and give people back control of their finances. The Open Banking Implementation Entity has partnered with FinTech Fortnight to spread this message of empowerment to the UK, helping them get better deals and make smarter choices.

All this is done through financial technology, or FinTech, which employs over 60,000 people in the UK and is a vital part of the economy. A growing sector that shows no signs of slowing down, FinTech attracted £433 million of venture capital investment in the first six months of 2017 alone, and over half of that was from outside Britain , and there is set to be even further investment in 2018.

The UK is the world’s leading FinTech hub, with a market size of £6.6 billion . This shows the UK is the place to be for FinTech, with investment actually increasing after the Brexit vote, ensuring that the country continued to lead, generating vital revenue and propelling the sector to new heights.

Imran Gulamhuseinwala OBE, Trustee of the Open Banking Implementation Entity said:
“Open banking is without doubt the most exciting development in banking today. It has the potential to fundamentally transform the financial services and banking market by creating greater choice, access and value for consumers. It will put consumers in the driving seat by giving them complete control over their financial data, confident in the fact that their data will only ever be used with their explicit and informed consent.
This is a huge opportunity for FinTechs – and it is clear that FinTechs have been asking for this for some time. The scale of ambition many FinTechs have is massive and many can see that this is a once in a lifetime opportunity.”

Adam Cox, Founder of Fintech Fortnight said:
“In the year where Open Banking and GDPR comes into force, FinTech has never been so important. That said, there are still high levels of ignorance and confusion from both consumers and businesses as to the risks and opportunities. FinTech Fortnight is about educating and encouraging consumers and businesses to embrace the huge opportunities that FinTech offers”.

To find out more about FinTech Fortnight please visit the website: www.fintechfortnight.co.uk

ENDS

Notes to editors:
For Press enquiries please email danielle@kincomms.com or call 0207 717 9696
Nationwide is an official partner of FinTech Fortnight