'FinTech will transform the way we live and do business', says the Chancellor
Chancellor of the Exchequer, Philip Hammond at the inaugural International FinTech Conference in London.
This fantastic building has a proud history as an international marketplace.
One-hundred-and-forty years ago, it opened as the new home of Billingsgate fish market 바카라 사이트he largest fish market of its kind in the world.
But Billingsgate바카라 사이트檚 heritage as a place of commerce and free trade goes back even further바카라 사이트�
바카라 사이트ver since a 1699 Act of Parliament made it 바카라 사이트渁 free and open market for all sorts of fish whatsoever바카라 사이트�바카라 사이트�
바카라 사이트ith a single exception: the sale of eels바카라 사이트�
바카라 사이트hich was restricted to Dutch fishermen, in recognition of their help in feeding the people of London during the Great Fire.
An early trade agreement that I am sure Prime Minister Rutte will remember during the upcoming negotiations바카라 사이트� Global ambition
Find out more about FinTech Week 2017.
Of course when this building opened the world was, once again, embarking on an industrial revolution바카라 사이트�
바카라 사이트nd, like the first, this second industrial revolution was led by British ingenuity and British design.
And whereas the First was characterised by the mechanisation of textile production in the North of England바카라 사이트�
바카라 사이트nd the advent of the steam engine, first built in the West Midlands바카라 사이트�
바카라 사이트he Second saw steel production in Yorkshire take the place of iron바카라 사이트�
바카라 사이트he first modern power station constructed in Deptford바카라 사이트�
바카라 사이트he first commercial oil refinery in West Lothian바카라 사이트�
바카라 사이트nd the first commercial telegraph system, just down the road in Euston.
For the first time, merchants in London could send an order to suppliers in India, China or the United States along our international network of telegraph lines바카라 사이트�
바카라 사이트o be shipped in steel-built steamships바카라 사이트�
바카라 사이트efrigerated where necessary바카라 사이트�
바카라 사이트nd then distributed by rail to all corners of our country.
These breakthroughs drove the first major wave of globalisation바카라 사이트�
바카라 사이트ustaining our economies until the breakthroughs in computing technology and the creation of the World Wide Web바카라 사이트�
바카라 사이트ed to what is now referred to as the Third Industrial Revolution.
Today we are on the brink of yet another industrial revolution.
One that has the potential, once again, fundamentally to transform the structure of the global economy, and the way we live our lives.
And once again it is British invention and entrepreneurial spirit that is at the forefront of the technologies바카라 사이트�
바카라 사이트uch as artificial intelligence, robotics, big data analytics, biotech and FinTech바카라 사이트�
바카라 사이트hat collectively are the drivers of what has become known as the Fourth Industrial Revolution. FinTech
And here in London, it is the combination of financial innovation with available venture capital바카라 사이트�
바카라 사이트nd the world바카라 사이트檚 largest international financial services marketplace바카라 사이트�
바카라 사이트hat has put this city at the forefront of the FinTech revolution, changing the way in which financial services are accessed and delivered.
Just as with the telegraph and telephone in the 1870s바카라 사이트�
바카라 사이트he first ATMs in the 1960s바카라 사이트�
바카라 사이트nd the arrival of online banking in the 1980s바카라 사이트�
바카라 사이트inTech will transform the way we live and do business.
Whether it is cashless transactions between friends바카라 사이트�
바카라 사이트ending remittances to family in other countries바카라 사이트�.
바카라 사이트r apps that automatically invest savings at the best rates바카라 사이트�
바카라 사이트inTech provides consumers with better services, more choice, and lower costs.
And as I found on my recent trip to India바카라 사이트�
바카라 사이트t has the potential to transform financial inclusion across the developing world too바카라 사이트�
바카라 사이트ith more than a billion people now biometrically enrolled in that country and 220 million new bank accounts opened in the last 18 months alone.
For businesses, it can mean access to new and cheaper credit바카라 사이트�
바카라 사이트s digitally enabled disintermediation links savers and businesses directly바카라 사이트�
바카라 사이트hrough peer-to-peer lending, crowdfunding and smart lenders with innovative distribution techniques using technology to power credit approvals for on-line SME lending.
And apps that automate firms바카라 사이트� compliance processes 바카라 사이트� so-called 바카라 사이트淩egTech바카라 사이트�바카라 사이트�
바카라 사이트ave the potential dramatically to cut costs too.
This market is growing at a tremendous pace바카라 사이트�
바카라 사이트nd with hundreds of millions of people worldwide entering the digital financial system every year that growth shows no sign of abating.
Over the last few months, I have visited Barclay바카라 사이트檚 FinTech accelerators in Cape Town and in Mumbai, and seen the impressive successes they are achieving.
So, I am delighted to announce today that next month Barclays will open its new flagship, 바카라 사이트楲ondon Rise바카라 사이트�바카라 사이트� 바카라 사이트he largest FinTech accelerator of its kind in Europe, offering over 500 workspaces for start-up innovators.
And, also today, HSBC and Tradeshift have confirmed that their new 바카라 사이트榩rocure-to-pay바카라 사이트� product will go live in July바카라 사이트�
바카라 사이트llowing businesses to manage their entire supply chain and working capital requirements in one place, from any device바카라 사이트�
바카라 사이트 great example of a partnership between a banking giant and a FinTech entrepreneur to develop practical solutions to support everyday businesses.
Today is about the UK as the global FinTech hub.
About bringing 450 investors, drawn from every continent바카라 사이트�
바카라 사이트ogether with 100 of Britain바카라 사이트檚 top FinTech firms바카라 사이트�
바카라 사이트rom Silicon Roundabout in London, to TechNorth in Manchester and Leeds바카라 사이트�
바카라 사이트o demonstrate how our entrepreneurs are applying their ingenuity to deliver the next steps in the FinTech revolution.
We have the time zone, the language, the legal system, and the talent바카라 사이트�
바카라 사이트n the world바카라 사이트檚 number one financial centre바카라 사이트�
바카라 사이트nd the fastest growing tech centre in Europe.
And this government is committed 바카라 사이트� through the Patient Capital Review, and the work of Sir Damon Buffini바카라 사이트�
바카라 사이트o ensuring that we have the deep pools of long-term capital, too.
Taken together we have a FinTech sector that generated almost 拢7 billion revenue last year바카라 사이트�
바카라 사이트nd now employs over 60,000 people.
And you don바카라 사이트檛 just have to take my word for it바카라 사이트�
바카라 사이트Y and Deloitte have independently ranked the UK as the best place in the world to succeed as a FinTech firm. government support
This is not by accident바카라 사이트�
바카라 사이트f course we have the talent, the entrepreneurs, and the markets바카라 사이트�
바카라 사이트ut we also have the regulatory and tax environment to support it too.
Because we have given our regulators a clear mandate to do so.
The FCA has led the way internationally with their 바카라 사이트榬egulatory sandbox바카라 사이트�바카라 사이트�
바카라 사이트llowing firms to test their products with consumers in a safe environment.
The Bank of England바카라 사이트檚 FinTech Accelerator gives companies the chance to work on innovative central banking solutions바카라 사이트�
바카라 사이트hile the Bank is broadening access to its settlement accounts and payment systems;
The FCA are hosting a regulator바카라 사이트檚 summit today, to discuss what more regulators can do to support the market바카라 사이트檚 growth.
The government has also played its part.
In the last year we have introduced a new investors바카라 사이트� relief, to support investment into firms looking to scale up바카라 사이트�
바카라 사이트� provided 拢400 million of new capital to the British Business Bank to leverage 拢1bn of investment in UK technology businesses바카라 사이트�
바카라 사이트nd through our proposal for the Royal Bank of Scotland, we will see funding for a series of initiatives, worth around 拢750 million, to boost competition in the UK business banking market, and to stimulate further investment in FinTech of the future.
But we can do more.
This government is consulting on a modern Industrial Strategy바카라 사이트�
바카라 사이트nd high-growth, knowledge intensive business will be at its heart.
Our tech sector already contributes a bigger proportion of our GDP than any other country in the G20.
But we cannot rest on our laurels바카라 사이트�
바카라 사이트e must constantly move onward to remain the best place in the world to start and grow a tech business.
Our Plan for Britain points the way:
We must invest to overcome the poor productivity performance that has plagued our economy for well over a decade바카라 사이트�
바카라 사이트nd that is why at Autumn Statement I announced a 拢23 billion National Productivity and Investment Fund.
We need a skills system that offers clear routes into work바카라 사이트�
바카라 사이트nd that is why at Spring Budget I announced funding for new 바카라 사이트楾-Levels바카라 사이트� for 16-19 year olds.
And we must embrace the technological change that has the potential to transform our economy for the better바카라 사이트�
바카라 사이트nd that is why I also announced an Industrial Strategy Challenge Fund to keep the UK at the forefront of disruptive technology.
We can바카라 사이트檛 remain the number one place for FinTech and the other technologies of the Fourth Industrial Revolution바카라 사이트�
바카라 사이트y simply relying on our ingenuity, talent and openness바카라 사이트�
바카라 사이트e have to go out and get the business.
Findings from our sponsors, EY, show that British FinTech firms most want to expand into Asia.
I could sense that excitement in the delegation of FinTech firms that I took to Mumbai last week to the first UK-India FinTech Conference바카라 사이트�
바카라 사이트here we agreed with the Indian 바카라 사이트 to work on a UK-India FinTech Bridge바카라 사이트�
바카라 사이트n addition to similar arrangements, we바카라 사이트檝e reached with China, Korea and Singapore바카라 사이트�
바카라 사이트uilding vital links between markets and consumers in Britain and Asia.
Conclusion If the UK is going to make the most of the freedoms it will have after leaving the European Union바카라 사이트�
바카라 사이트e have to build trade links with the fast-growing economies of Asia바카라 사이트�
바카라 사이트e have to invest in the skills of the future바카라 사이트�
바카라 사이트nd our economy must remain at the cutting edge:
Not just of Fintech. But of AI, biotech 바카라 사이트� of every area in which we have the potential to lead the world into this new industrial revolution.
The world does not owe us a living.
We will have to strive and graft and fight to seize opportunities; and make the most of them.
That means growing and strengthening the areas 바카라 사이트� like Fintech 바카라 사이트� in which we enjoy a comparative advantage바카라 사이트�
바카라 사이트t means maintaining and enhancing the UK바카라 사이트檚 reputation as one of the best and most attractive places in the world to do business바카라 사이트�
바카라 사이트nd it means ensuring we are producing the people with the skills and the aptitude to become the next wave of innovators, entrepreneurs and investors.
Because while we need to continue to attract the brightest and the best from around the world to these shores바카라 사이트�
바카라 사이트e must also do better at nurturing and developing the home-grown talent to drive our economy forward in the future.
Our vision of an outward-looking, Global Britain that will deliver the high-skilled, high-wage economy of the future바카라 사이트�
바카라 사이트hat will power the higher living standards we all want to see for future generations.
So I urge everyone here today 바카라 사이트� innovators, investors, regulators 바카라 사이트� to help us realise that vision.
Help us keep the UK at the forefront of the FinTech revolution.
Help us build a truly world-beating new tech sector.
Let your ideas, your apps, your services, your equity demonstrate what바카라 사이트檚 really possible when government, business and regulators all pull in the same direction.
Working together, to build the world바카라 사이트檚 greatest FinTech hub.