The future of fintech is the future of finance.

Could there be a more perfect setting to host this year’s Innovate Finance Global Summit than the historic and stunning Guildhall, where hundreds of fintech businesses, financiers, marketers and more gathered?

In a nutshell the message was ‘The future of fintech is the future of finance’.

Janine Hirt, (CEO, Innovate Finance), called for the UK to be given fresh regulatory and governmental support, enabling us to become the world's fintech leader and placing digital finance at the heart of our economic strategy. The size of the opportunity? A £328bn contribution to the UK economy. Innovate Finance’s Stablecoin report (no, not crypto) outlines the opportunity for the UK to stay ahead of this curve and become the global stablecoin issuer by 2026.

With the future of London’s Stock Exchange critical to the UK’s success story, the launch of The Private Intermittent Securities and Capital Exchange System (PISCES) is much anticipated. This new private stock market has been created to transform how private companies access funds and grow. PISCES is set for its first issuance this year.

Key summit takeaways:

• Pension fund money flowing into UK stocks is vital. With less than 5% currently held, regulation is needed to make the ‘concierge’ service work.
• Individuals who sell their fintech business and exit taking their cash abroad need to be encouraged to stay. Silicon Valley thrives because the money stays and is reinvested.
• Capital access. Panelist after panelist called for the flood gates to capital to be opened up.
• Retail enfranchisement. A number of panelists called on both the Regulator and Government to unite and change the retail landscape, helping create greater capital flows.
• Consumer confidence to invest. There is a need to help consumers realise the value of investing in equities for long-term saving, not just invest in cash.
• The need to understand the Government’s risk appetite. Stimulating growth requires clarity on this to help the Regulator.
• Set an audacious goal for the sector: e.g. double the FTSE in the next five years.
• There is a need for increased collaboration across the Regulator, policymakers, Government, fintechs and capital revenue suppliers.
• The summit’s specific asks of the Regulator included:
  • To think ‘fintech first’ in policy.
  • To promote the Government’s Growth Guarantee Scheme for SME lending, reinforcing the success of the British Business Bank’s distribution role.
  • Change the prospectus rules to make capital raising easier
  • Allow liquidity to retain staff and stem the flights out to Dubai and Singapore.
• Payments. The National Payments infrastructure should focus on the future, including digital assets and digital IDs. making us less reliant on the US.

A terrific day, full of optimism. The energy in the great halls was palpable. Fintech remains as exciting and promising as ever.