Kalifa Review outlines how UK can retain global fintech domination

The much-anticipated Kalifa Review was recently released, which outlines how Government can bolster the UK’s fintech industry and enable it to extend its competitive edge over other leading fintech hubs, such as China and the USA.

Ron Kalifa was asked to conduct the independent review at Budget 2020, and it was launched that July. It highlights key recommendations on how the Government can support the UK’s fintech sector in light of increased global competition, Brexit and the pandemic.

These includes proposals to establish the right framework for continued innovation and provide support to UK firms wanting to start and scale-up. The review also recognises the need to create highly skilled jobs to not only present opportunities for people across the UK, but also attract the best talent from around the globe.

Our CEO, Susan Rann, said: “Here at Paylink Solutions, we welcome the release of the Kalifa Review. It highlights how prominent the UK’s fintech sector is across the globe and how influential it’s been in terms of digitalising financial services during the pandemic.

“Digital adoption has taken a massive leap forward during this time, which is changing the shape of finance and helping to keep the wheels of economy turning. Increased global competition and Brexit do present threats to our fintech sector though, so it’s reassuring the Government is being called to face these challenges and ensure the UK maintains its global reputation.”

The report’s recommendations include:

  • Amendments to UK listing rules to make the UK a more attractive location for Initial Public Offerings
  • Improvements to tech visas to attract global talent and boost the fintech workforce
  • Creation of a regulatory fintech ‘scalebox’ to provide additional support to growth stage fintechs
  • A Centre for Finance, Innovation, and Technology, to strengthen national coordination across the fintech ecosystem to boost growth

Susan continued: “It’s been fascinating to see how demand for fintech innovation from businesses has increased over the past year. But of course customer demand has also been much higher, with six million people downloading a banking app during the first month of lockdown one and all of us having to adopt new digital ways of working, socialising and carrying out most daily activities.

“Fintech is not only reshaping the financial services industry, but the whole of society too. I hope this review is the catalyst needed to support businesses start and scale-up, attract and nurture new talent, encourage global investment and give our industry a well-deserved boost.”