Global FinTech DirectID has today welcomed the new Kalifa Review into the future of FinTech within the UK.
The Kalifa Review was set up by the Chancellor, Rishi Sunak last year, to examine how to maintain the UK’s lead within the sector, and what steps the Government can take in supporting the sector.
The review was headed by Ron Kalifa, the former CEO of Worldpay.
The report noted that FinTech in the UK generated around £11 billion for the UK economy and the UK represents about 10% of all global FinTech activity.
Central to the report's recommendations is to make is easier for FinTech companies to recruit international talent. With foreign born employees representing up to 42% of FinTech’s headcount, a potential ‘tech visa’ could make it simpler for FinTech companies to continue to recruit top talent.
As one the most successful and prominent Scottish FinTech’s, DirectID CEO James Varga was asked to contribute his views on what is required for Scotland and the UK to continue to hold an edge in the sector.
Speaking of his involvement in the review, he said:
We have known for some time that Fintech has been one of the fastest growing sectors in the UK, driving economic benefit, employment and innovation across the country.
I am confident that the findings of this report will not only recognise this, but illustrate why it is necessary for Government to continue its support of FinTech on a local and national basis. The future of FinTech in this country is very bright indeed, and with the right drivers, can continue as one of the UK’s biggest success stories.
The Kalifa Review of UK FinTech can be accessed here.