Financial innovation hubs will be established in cities across the UK and placements on offer at leading fintech firms to students at leading universities as part of government-backed plans.
The plans are part of a push to encourage financial innovation which will be co-ordinated through a new Centre for Finance, Innovation and Technology (CFIT). One of its other roles will be to work with the government, regulators and the Bank of England on improving rulemaking in the sector.
City minister Andrew Griffith said the initiative would further government ambitions to improve productivity by improving skills, and make the UK “a technology and science superpower”. It would fit within the “framework of pursuing growth in the [financial services] sector, a really important sector for growth in the UK economy,” he added.