FinTech Alliance - Proof the UK is no longer a challenger

On Tuesday the chancellor, Philip Hammond, announced the launch of the fintech Alliance, an initiative to bring together various elements of the disparate UK fintech environment to cement its position as a "powerhouse".

As one would expect, the announcement highlighted the significant success of the UK fintech industry; one in every six pounds invested in fintech worldwide being invested in UK fintech is a significant achievement. Sustaining this impressive growth is the key aim of the initiative.

However, it's striking that the chancellor also added a note of caution around the need to avoid complacency and cement the UK's position. There are an ever-increasing number of places which would love to topple the UK from its lofty position. As such, the UK is beginning to look very much like an 'incumbent' which will have to work hard to retain its status.

In that context, any initiative which seeks to increase collaboration, connection and sharing of information between members of the UK fintech industry is to be welcomed. I'm sure the industry hopes that the political decision to implement this initiative will go some way to neutralising any negative impacts of Brexit-related decisions being made in the near future.