London Looks to FinTech Savior

“Where will you find the leading lights in financial technology?” It’s London, according to a full-page ad placed by UK’s investment office in this week’s edition of The Economist.

London is looking for an edge to maintain its position as Europe’s financial center after Brexit and a brutal pandemic year. “UK fintech review unveils how the government can help the country stay a fintech hub,” reports Insider.

The review is led by a Bank of England governor and seeks “to portray the UK as the world’s most open and dynamic place for a financial services business,” writes the UK’s Government Computing News. Last year, London led FinTech investment in Europe with $4.1 billion total, more than the next four European countries combined.

There is no shortage of cities touting themselves a ripe for FinTech leadership. Denver joined in last week as well. “Denver has all the ingredients to be a national hub for financial services technology,” reports the Denver Business Journal. “All it needs is time — and maybe a little more money.”

The cities with the most money invested in FinTech are in China. Yet China is a closed-loop financial system. The UK’s stated goal of openness and its reputation for rational, high-standards regulation that embraces FinTech will serve it well.

Collin Canright