North East to develop 3 year finTech strategy

Whitecap Consulting, the regional strategy consultancy, is collaborating with key regional stakeholders across the public, private and higher education sectors on an expansion plan for growth and jobs in the North East FinTech sector.

The project follows an independent national strategic review which identified the Newcastle and Durham area as one of the top ten FinTech clusters in the UK. The Review of UK FinTech, published in February 2021, showed the fast-growing sector now generates £11bn of GVA for the UK each year.

Dr Henry Kippin, managing director of the North of Tyne Combined Authority said: “We are investing to unlock job creation right across our economy. The FinTech sector has been a significant source of jobs, inward investment, and economic growth in the recent years.

“The development of a strategy for the future growth of FinTech will unlock potential, differentiate the North of Tyne and the wider region as a key cluster, and further galvanise collaboration. It’s a pleasure to be working with Whitecap and our key stakeholders in the public, private, and higher education sectors to extend our backing to this initiative.”

Ron Kalifa OBE, who led the Review of UK FinTech, said: “The importance of our regional fintech clusters to the continued success of UK fintech should not be underestimated. That is why the Fintech Review focused on putting forward a new approach and delivery model for the UK that would nurture their high growth potential and enhance national connectivity.”

Newcastle University is the founding sponsor of the project, and Karen Elliott, Associate Professor (Fintech), Newcastle University Business School, said: “I am extremely interested in the outputs of the latest Whitecap strategy project in auditing the context for establishing an internationally significant ‘Digital Ethics Hub’ in Newcastle.”

Due to be published this summer, the strategy will build on an analysis of the FinTech sector in the North East conducted by Whitecap in 2019.

It will create a roadmap for the future development of FinTech in the North East region including the North of Tyne, Durham, Wearside and Teesside, backed by key regional stakeholders including Atom bank, Invest Newcastle, Invest North East England, Newcastle University, North of Tyne Combined Authority, and Northumbria University.

Supported and co-funded by these organisations, the strategy will consider how the region’s research and innovation strengths and proximity to other emerging hubs can provide a foundation for growth and jobs.

It follows the recommendations made in 2021 by the Review of UK FinTech, conducted at the request of the Chancellor Rishi Sunak to identify priority areas to support, including the development of Centre for Financial Innovation & Technology (CFIT), and collaboration across regional hubs.

Rachel Burdis, Inward Investment manager, Invest North East England, said: “Invest North East England support the creation of a regional fintech strategy so as to harness the full potential of this sector and to position the North East as a destination of choice for fintech companies.”

By Mark Adair – Correspondent, Bdaily

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