News Article

The Kalifa Review of UK FinTech: One Year On

Saturday (26 February) marks the one-year anniversary of the publication of Ron Kalifa OBE’s independent review of UK FinTech, commissioned by the Chancellor of the Exchequer, exploring how the FinTech industry, regulators and policymakers can work together to ensure the continued success of UK-based fintechs.

GPS was honoured to be invited by HM Treasury to participate in the review alongside several of our customers and partners, and GPS continues to actively collaborate to accelerate many exciting new payments innovations, whilst simultaneously advancing the international attractiveness of the UK FinTech market as one of the UK’s fast-growing FinTechs ourselves.

The UK has been a torchbearer for the global FinTech revolution and the Kalifa Review provided a clear pathway on how the UK can continue to fully capitalise on the global economic opportunities ahead as it continues to navigate the new post-Brexit, post-pandemic world.

Specifically around five key pillars (policy and regulation; skills; investment; international; and national connectivity) which are needed to ensure the UK continues to strengthen its support of the FinTech ecosystem in the right way and maintain its position as one of the best places in the world to start, build and scale a FinTech.

As Innovate Finance outlined in their open-letter to the Government on Monday, which our CEO, Joanne Dewar, joined them in signing on behalf of GPS, our recommendations through the Kalifa Review were designed to:

  • Foster job creation and high income tech-based employment across the UK, supporting the Government’s ‘levelling up’ agenda

  • Better leverage the FinTech sector as a core asset for Britain’s international competitiveness, by enabling more UK FinTechs, like GPS and our customers, to achieve global scale and reach, and lead on regulation and standard-setting

  • Help citizens and small businesses access more, better and cheaper financial services, creating a more inclusive, democratic and sustainable financial services sector

We are pleased with the progress made to date, however, much more can and needs to be done.

As our industry states in our public letter, the pandemic has increased the adoption of digital finance and placed a renewed focus on the critical role that technology and innovation must play if we are to make financial services work for all.

Now is the time for even bolder action to realise the Kalifa Review vision: to work together to maintain the UK’s coveted position as the leading hub for FinTech, creating solutions that strengthen our economy, foster greater financial inclusion and wellness, tackle climate change and build a more sustainable financial services sector for all.

To read the Innovate Finance open letter in full, click here.