FinTech 2020 Aims to Make UK a Hub for Financial Innovation

FinTech 2020 Aims to Make UK a Hub for Financial Innovation

Though the United Kingdom plays a definitive role in the growth of FinTech industry, which is now worth £20 billion in annual revenues to the UK, employs 135,000 people, and attracted 42% of all European FinTech investment in 2014, Prime Minister David Cameron is not satisfied. Thus, Cameron, has welcomed FinTech 2020, which aims to make the UK the premier location for at least 25 global FinTech leaders, whether by IPO, global market share or by valuation. Talking about FinTech 2020, Cameron said:

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Emerging technologies often present both great potential benefits as well as real risks. For example, 3D printing can be used to cheaply make prostheses and life-saving medical devices, but also undetectable firearms. Domestic commercial drones have the potential to revolutionize agriculture and shipping, but could also be used for stalking. The challenge for policymakers is to address the risks posed by emerging technologies while doing no harm to the innovative potential of that technology.

Jeremy Brito, a senior research fellow at Mercatus Center of George Mason University