Lord Bilimoria, President of the Confederation of British Industry (CBI), has initiated a campaign aimed at encouraging more businesses to leverage fintech for growth.
Launched on Monday, the “Winning with Fintech” initiative seeks to garner support from both the business community and government to highlight the UK’s fintech sector as a significant opportunity, potentially generating an additional £32 billion in revenues by 2030.
A primary focus of the campaign is to assist non-financial companies in understanding and utilizing fintech as a tool for innovation, enhanced efficiency, and increased competitiveness. The CBI aims to explore how businesses can collaborate effectively with fintech solutions to unlock opportunities for growth and efficiency, particularly in areas such as expanding into new markets, streamlining payment processes, and facilitating transitions to net-zero operations.
Bilimoria is expected to emphasize the need for strong support for businesses facing challenges. He will state, “Firms need all the assistance they can get during this period of slow post-pandemic growth and ongoing supply chain issues exacerbated by the conflict in Ukraine.”
He added, “Businesses require favorable conditions, with fintech offering a wealth of advantages that streamline global trade, simplify payments, and enhance sustainability.”
Bilimoria reiterated that the UK’s leading fintech sector is well-positioned to empower businesses to navigate risks and reduce costs amidst uncertainty. The CBI is committed to advocating for fintech and encouraging businesses of all sizes and sectors to adopt effective solutions that meet their needs.