UK Cities Plans to Lay Out Fintech Hubs To Drive Innovation
According to the latest reports, various financial innovation hubs will be laid out in cities across the UK and placements on offer at driving fintech firms to students at leading universities as a part of government-sponsored plans.
The foremost purpose behind establishing these fintechs is to promote financial innovation which will be administered through a new Center for Finance, Innovation, and Technology (CFIT). One of its other agendas will be to operate with the government, regulators and the Bank of England on upgrading rulemaking in the sector.
City minister Andrew Griffith stated that this initiative would further fuel government efforts to enhance productivity by upgrading skills, and make the UK “a technology and science superpower”. It would be suitable with the “framework of pursuing development in the financial service sector, a genuinely essential sector for growth in the UK economy,” he added.
