Government review backs new fintech visas
A government-backed review of the UK's burgeoning fintech industry has proposed a new visa stream to attract overseas talent.
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"We must now build on our global reputation for fostering innovative start-ups and ensure firms can access the talent, finance and support they need to scale up here in the UK."This review will make an important contribution to our plan to retain the UK’s fintech crown, create more skilled jobs, and deliver better financial services for people and businesses."Aside from the new tech visa, the review proposes implementing a ‘scale box’ to provide regulatory support for growing firms; improving UK listings rules with free float reduction and dual class shares; creating a £1 billion fintech ‘growth fund’ to help firms grow independently; and establishing a private sector-led Centre for Finance, Innovation and Technology to support national coordination and growth in fintech across the UK.Mr Kalifa said: "Fintech has the power to change lives, both in terms of job creation and better wages that are so essential to our recovery; and making financial services more accessible and relevant to people’s lives.Britain has a proud record of starting up and scaling up some of the best known fintech products, but we cannot rest on our laurels. The next powerhouses will not be created by accident."We must continue to nurture our start-up culture, but crucially we must also give our high growth firms the support to become global giants."With the right reforms that encourage entrepreneurialism, investment and make it easy to attract and invest in talent, Britain can usher in a period of dominance that can help us build back better from Covid-19."
Read more news and views from David Sapsted.
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