FinTech North will also support the project via its marketing and events activity, including its forthcoming conference in Newcastle on 14th July. It will create a roadmap for the future development of FinTech in the North East region including the North of Tyne, Durham, Wearside and Teesside, backed by key regional stakeholders including Atom bank, Invest Newcastle, Invest North East England, Newcastle University, North of Tyne Combined Authority, and Northumbria University. This will explore the socio-technical features of the fintech landscape expertise in providing skills in ethical and responsible innovation.”ĭue to be published this summer, the strategy will build on an analysis of the FinTech sector in the North East conducted by Whitecap in 2019. I am extremely interested in the outputs of the latest Whitecap strategy project in auditing the context for establishing an internationally significant ‘Digital Ethics Hub’ in Newcastle. “Having featured in the Kalifa Review, I know the vital importance of championing the fintech ecosystem across North East from a ‘pracademic’ perspective by securing the future talent pipeline and co-leading high quality projects such as FinTrust and Finclusion. Newcastle University is the founding sponsor of the project, and Karen Elliott, Associate Professor (Fintech), Newcastle University Business School, said: We’re supporting this initiative so that the everyone with a responsibility and interest in the North East’s fintech sector continues to look forward and has the insight needed to make better decisions and create better businesses.” “Fintech is all about competition and innovation, and this requires a strategic approach to investment and collaboration. This new strategy for the North East will generate opportunities, secure investment and ultimately create the much-needed jobs both the region and the country needs to build back better.”Įdward Twiddy, Chief Customer Officer at Atom bank, said: I am therefore delighted to hear that this work is progressing. That is why the Fintech Review focused on putting forward a new approach and delivery model for the UK that would nurture their high growth potential and enhance national connectivity. This included a recommendation for each of the top 10 fintech clusters, such as Newcastle and Durham in the North East, to develop a three-year fintech strategy. “The importance of our regional fintech clusters to the continued success of UK fintech should not be underestimated. Ron Kalifa OBE, who led the Review of UK FinTech, said: It’s a pleasure to be working with Whitecap and our key stakeholders in the public, private, and higher education sectors to extend our backing to this initiative.” The development of a strategy for the future growth of FinTech will unlock potential, differentiate the North of Tyne and the wider region as a key cluster, and further galvanise collaboration. “We are investing to unlock job creation right across our economy. The FinTech sector has been a significant source of jobs, inward investment, and economic growth in the recent years. The Review of UK FinTech, published in February 2021, showed the fast-growing sector now generates £11bn of GVA for the UK each year.įinTech, the use of technology to enhance the delivery of financial services, is a growth industry in the wider North East region that has been driven by substantial levels of investment and employment.ĭr Henry Kippin, Managing Director of the North of Tyne Combined Authority, says the new strategy would help build the growing digital ecosystem of the region, and create jobs. The project follows an independent national strategic review which identified the Newcastle and Durham area as one of the top ten FinTech clusters in the UK. FinTech North is delighted to be supporting this project, which is well timed in the run up to our Newcastle conference on 14th July. Whitecap Consulting, the regional strategy consultancy and co-founder of FinTech North, is collaborating with key regional stakeholders across the public, private and higher education sectors on an expansion plan for growth and jobs in the North East FinTech sector. North East to develop 3 year FinTech strategy
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