A new industry body established to promote the interests of the UK’s financial technology (fintech) sector launched Wednesday in London.
Innovate Finance is a new industry organisation intended to accelerate the UK’s position in the global financial services sector by directly supporting the next era of technology-led financial services innovators. The body aims to be the voice of a new movement that believes in the immense transformative power of technology to improve every aspect of banking, finance and commerce.
The organisation has more than 50 founding members, including Barclays, HSBC, Lloyds, Visa and MasterCard. Innovate Finance provides a single point of access to key industry influencers, clients, technologies, talent, finance and international marketplaces. Members are currently comprised of pre-revenue startups and multinational corporations across the insurance, retail & investment banking, technology, payments, remittance, crowdfunding and alternative finance sectors, among others.
Innovate Finance is supported by the City of London Corporation, as lead sponsor. The Canary Wharf Group plc is a founding sponsor committing funding and high-tech office and events space. The body is led by CEO Claire Cockerton, with a Board of Directors that includes fintech leaders such as Nick Hungerford of Nutmeg, Justin Fitzpatrick of DueDil, and Alastair Lukies of Monitise Plc, who will serve as the organisation’s Non-Executive Chairman. An Advisory Council of industry experts includes Eric Van der Kleij, Head of Level39 Technology Accelerator and Nadeem Shaikh of Anthemis Group,among others.
“Key to the government’s long term economic plan is cementing Britain’s position as the centre of global finance,” said Chancellor George Osborne. “It’s only by harnessing innovations in finance, alongside our existing world class knowledge and skills in financial services, that we’ll ensure Britain’s financial sector continues to meet the diverse needs of businesses and consumers here and around the globe, and create the jobs and growth we all want to see in the future. That’s why it’s fantastic to be here today at the launch of Innovate Finance.”
Claire Cockerton, CEO and Director of Innovate Finance, added: “The time has come for radical transformation of the financial services industry. Whether you are a consumer, banker or young entrepreneur – we all see enormous potential for innovation and growth in the financial services sector. Innovate Finance will be a proactive members organisation dedicated to convening and accelerating visionary innovators, leading with our founding members. While London and the UK provide the right talent, expertise, and market conditions, we believe our collective entrepreneurial spirit will lead us to compete and prosper on a global stage.”
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