Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what steps his Department is taking to promote the UK's FinTech industry.

The Treasury is working hard to promote the UK FinTech industry.

At Autumn Statement the government announced specific measures to boost the industry: the Treasury commissioned EY to produce an annual ‘State of UK FinTech’ report on key FinTech metrics to raise the profile of FinTech as an investment opportunity.

The Treasury has also appointed regional FinTech envoys for the Northern Powerhouse and Scotland to build networks and raise awareness of opportunities in these regions - alongside Special Envoy, Eileen Burbidge, whom the Treasury appointed last year to promote the UK FinTech sector at home and abroad.

Together with the Department for International Trade, the Treasury is hosting an International FinTech Conference, on 12 April 2017 in London, to showcase UK FinTech firms to investors from across the globe.

The Treasury is establishing FinTech bridges, which provide opportunities for UK FinTechs that want to scale-up internationally. By establishing links between Government, regulators and private sectors, FinTech Bridges reduce the barriers to entry in new jurisdictions and link UK FinTechs with opportunities for international investment. The UK currently has 3 FinTech Bridges with Singapore, the Republic of Korea and China.

The Treasury is also launching a FinTech Delivery Panel, designed to bring the industry together to develop an overarching FinTech strategy for the UK and to monitor and drive forward FinTech initiatives.

The Government continually engages with the Fintech industry and has not found any significant barriers for innovation arising from bank terms and conditions.