An independent Treasury-commissioned review of the UK's FinTech industry has named Northern Ireland as one of the top 10 places in the UK for the industry.
Northern Ireland's FinTech industry has grown rapidly in recent years, with innovative start-ups developing everything from review platforms and loyalty schemes to clever mobile apps and payment processing systems. The region has also become a hotbed of RegTech and Compliance tech thoughtout 2020.
A new Treasury-commissioned independent review into the UK's FinTech industry has named Northern Ireland as one of the top ten places in the country for FinTech. The report identified 10 clusters that are producing high-growth FinTech firms at a high rate, with over 10% of firms going on to achieve high-growth status.
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The top area in the UK was of course London, followed by The Pennines (a region covering Manchester and Leeds) and then Scotland at number three. The Kalifa Report also recommended a series of interventions to support further growth in the FinTech sector, which would benefit Northern Ireland's industry considerably if implemented.
The report highlighted the need for specific investment in talent development, suggesting new courses designed to equip FinTech workers with better digital skills. It noted that Northern Ireland is already ahead of the game in this area, with the highest concentration of FinTech talent in the UK and strong links between industry and education.
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FinTechNI Chairman Alex Lee commented on the report: "The findings outlined in the Kalifa Review are welcomed by FinTechNI and its members. We are delighted to see Northern Ireland identified as one of the top 10 Fintech clusters in the UK, and the strategy outlined in the review represents a major opportunity for Northern Ireland to further build its reputation as a global FinTech hub."
Northern Ireland's FinTech Envoy Andrew Jenkins commented: "Recent years have seen Belfast established as an attractive international investment center that punches well above its weight due to talent excellence, a cost-effective infrastructure and strong network of academic partnerships."
Source: Written based on press release
