The mood music was upbeat at this week’s Innovate Finance Global Summit at London’s Guildhall, as fintech companies gathered to discuss the new opportunities in generative AI, open banking and digital assets.
While the UK cannot compete with Silicon Valley as a global centre of technology innovation, it is home to several fintech unicorns and has attracted founders and engineers from around the world.
The number being repeated all around the conference was that $5 billion of investment flowed into UK fintech last year, a tough year for fundraising. That is second only to the US and more than into the rest of Europe combined.
That investment comes in part thanks to progressive regulation. The FCA launched its sandbox in 2016 to offset the high costs of entry for fintech startups by allowing early testing and regulatory guidance on disruptive financial products and business models.
There is no point building something the regulators won’t approve.
Overfunding is finished now – and coming out of it is healthy
In the years since, scores of other countries have copied this example.
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