IFGS 2023 – Day 1 Wrap Up Blog

In full force for its ninth successive year, the Innovate Finance Global Summit kicked off UK FinTech Week 2023 today, proving this annual gathering’s popularity and value remain as strong as ever.

With more than 50 countries represented, and over 1500 people in attendance at the City of London’s historic Guildhall to debate and discuss the latest hot topics in FinTech: from the current investment environment, successful partnership working, the future of money, and the impact FinTech is having everyday on financial inclusion and financial wellness. The noisy hubbub of networking rose from every corridor and corner with over 1450+ meetings booked in the conference app and 60+ exhibitors from across the UK demonstrating the latest technologies for the future of finance.

Innovate Finance CEO Janine Hirt welcomed participants introducing the theme of this year’s summit as Impact - from the impact that FinTech has on society, on the economy, and on our daily lives.

Acknowledging the economic, political and market turbulence of the last twelve months, she highlighted the positives of more than 12.5bn USD invested into the UK FinTech Ecosystem in 2022, second only in the world to the United States, and ahead of the next 13 European countries combined, and emphasised that the UK boasts 10% of the global FinTech market share. FinTech challengers now account for more than 55% of the SME lending market, and 8 out of every 10 adults in the UK are using at least one FinTech tool on a regular basis.

Proud of the part played by Innovate Finance in supporting the sector, Janine Hirt went on to share the latest in a raft of new Innovate Finance initiatives to promote a sustainable, diverse sector: a new RegTech council, in collaboration with City of London Corporation, the latest research with our partner EY on ‘Changing the Face of FinTech’ promoting gender equality in UK FinTech, our very first FinTech Pride Powerlist opening soon for nominations, and the the second original series Wired Differently: Innovation in Finance produced with BBC StoryWorks, showing innovators shaping the world of finance to help people from all walks of life become financially better off.

Janine concluded by rallying the sector to work together with government and regulators to make the coming years the best chapter yet. The Economic Secretary to the Treasury Andrew Griffith MP heeded this call, announcing actions to improve UK Open Banking rules and next steps for its expansion into Open Finance, including the Centre for Finance, Innovation and Technology’s first coalition to be targeted on this theme. To support international expansion, the minister also launched a new annual UK FinTech Census to understand and help realise UK firm’s global ambitions.

In turn, the Financial Conduct Authority revealed the creation of a permanent digital sandbox service, and declared applications open today for the world-first global TechSprint on greenwashing. The British Business Bank reflected on the huge opportunity in the UK for more institutional money to come into a sector like FinTech. The Bank of England set out new details on their approach to digital money, including the tokenisation of commercial bank deposits - a third form of digital money alongside the digital £ and regulated stablecoins, and held out the possibility of a Wholesale Central Bank Digital Currency next year. Fresh analysis from Innovate Finance Director of Policy Adam Jackson can be found here. 

From the industry perspective, the IFGS CEO series featured executives from Monzo, Funding Circle, Zopa, Money Hub, Thought Machine, Clear Bank, GoHenry and Starling Bank, taking the time to share their experiences and top tips for scaling. Regionally, the Fintech National Network came together to speak with one voice on issues of connectivity and how to work collaboratively across the whole United Kingdom and internationally.

All that’s left to say tonight is a huge thank you to all of our incredible Innovate Finance members, partners and sponsors, including Gold Sponsors Rise, Created by Barclays, Invest Hong Kong and The Department for Business and Trade, and media partners including Lead Media Partner CNBC, CityAM, Finextra, FinTech Times, Fintech Magazine, BBC StoryWorks, FinTech Future and Digital Innovation.

The Innovate Finance team look forward to welcoming you again tomorrow!