The FinTech Impact Report: Working through the world’s to-do list #FinTechforPlace 02 | FUELLING ECONOMIES BEYOND THE People are 7 times more likely Only 3% of the FinTechs we to be in financial difficulty in assessed have some form of CAPITAL the most deprived areas of negative impact on Place; on the UK compared to those in average it is a low negative 67 68 the least deprived areas. impact. London is renowned as a global hub for FinTechand still hosts about the majority of the UK FinTech sector. Firms are however increasingly located in other cities such as Manchester, Leeds, Edinburgh, Durham and Cardiff to secure more talent, access financial incentives and improve 66 Innovating across the UK: The Centre for Finance, Innovation and Technology their staff’s living standards. (CFIT) was set up following the Kalifa Review of Fintech (2021) to position the UK as a global leader in financial innovation. It has already launched activities across the UK, bringing multiple organisations together to tackle the pressing FinTechs have a strong presence in these regions, with challenge of Open Finance that will unlock new growth for financial services. initiatives – including associated industry bodies that are part of the FinTech National Network – promoting regional FinTech National Network: Regional FinTech hubs drive a range of activities across local development and boosting economic activity and local job companies, including industry roundtables, events and partnership support. This is helping improve communities, make workplaces more appealing, and support the founding of local creation. There are also regional accelerators that go businesses. It all contributes to thriving innovation and a boost to the local economies. beyond FinTech to help start-ups of all types to grow, such as Atom’s Incubator, NatWest’s Entrepreneur Accelerator and Barclays’ Eagle Labs. 37