The new manifesto called Innovate Finance Manifesto:2020 has been released by the industry organisation Innovate Finance and seeks to push the UK forward as a key player in the innovation of financial technology (FinTech) both within and outside the UK.
According to the manifesto “Our vision for 2020 is for the U.K. to be the most investment-friendly environment for FinTech globally, attracting $4 billion of venture investment and $4 billion of institutional investment in corporate venture funds, accelerators and innovation programs,” states the manifesto. “Our vision for 2020 is for the U.K. to be the premier location for at least 25 global FinTech leaders, whether by IPO, global market share or by valuation.”
It also advised that a deep pool of both scientific and mathematical specialisation would be required in the UK and an emphasis on increasing in the number of graduates with technical skills as well as a commitment to a higher level of financial inclusion, effective regulation and a more proactive environment for the creation of policies relating to FinTech.
With the increased use of FinTech within the UK it is expected that there will be jobs available for next block of graduates that come out of university with technical qualifications and according to the manifesto an extra 100,000 jobs are expected to be created in the FinTech industry through a greater level of investment along with increased development of FinTech by leading companies around the world.
The new manifesto received a great deal of praise from the Prime Minister David Cameron who was in South Eash Asia with a trade delegation that partially consisted of FinTech specialists including the bitcoin company Blockchain.
Cameron advised “This government wants the U.K. to be the leading FinTech center in the world. That’s why, at the Summer Budget, we appointed a special envoy for this fast growing sector.”
He added “I’m pleased that Innovate Finance’s manifesto has set such ambitious goals, including the creation of 100,000 jobs. This will ensure we are a world leader in the development of financial services technologies.”
Although no mention was actually given to any specific digital currencies that use blockchain, including bitcoin, the move that have recently been made to invest in and develop digital FinTech in the UK by both the Bank of England and the government should definitely put the UK in a strong position to become a global hub for the use of digital currencies like bitcoin.
The only negative view of the manifesto from Cameron is encryption and the cryptographic technology that is the basis for the Bitcoin blockchain. He advised that strong encryption is something that his government intends to ban and this has been seen by many as a move that could seriously damage the UKs economy as well as the lead it currently has in terms of technology.