UK’s IoD Launches Fintech Initiative
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UK’s IoD Launches Fintech Initiative

The UK’s Institute of Directors has launched a special interest group aimed at enhancing the country’s fintech sector.

The IoD Finance and FinTech Group was inaugurated at the institute’s headquarters in London, where City of London chair John McLean praised the UK’s fintech industry as "world class."

Currently, the fintech sector generates around 80,000 jobs in the UK; however, its overall financial contribution to the national economy has experienced recent fluctuations.

A KPMG report published in September revealed that investment in UK fintechs dropped to $9.6 billion in the first half of 2022, a significant decline from the $27.8 billion invested in the same period the previous year.

This downturn is partially attributed to a global economic slowdown, yet the UK’s figures illustrate a sharper decline compared to the global landscape, where investment in fintech decreased from $111.2 billion over 3,372 deals in H1 2022 to $107.8 billion over 2,980 deals in H1 2021.

"In a time when Global UK is starting to find its feet, I believe that the IoD’s Fintech group can contribute to our country," remarked McLean.

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