A roadmap to build the FinTech sector in the North East of England is set to be published this summer.
Last year, the Newcastle and Durham region was highlighted as one of the top 10 FinTech clusters in the UK and the new 3 year plan hopes to build on that.
“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,” explained Ron Kalifa OBE, who led the Review of UK FinTech.
“This included a recommendation for each of the top 10 fintech clusters, such as Newcastle and Durham in the North East, to develop a three-year fintech strategy. I am therefore delighted to hear that this work is progressing. This new strategy for the North East will generate opportunities, secure investment and ultimately create the much-needed jobs both the region and the country needs to build back better.”
Regional strategy consultancy, Whitecap Consulting, is now collaborating with key stakeholders across the public, private and higher education sectors on an expansion plan for growth and jobs in the area.
“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,” said Dr Henry Kippin, Managing Director of the North of Tyne Combined Authority.
“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.”
Newcastle University is the founding sponsor of the project, and Karen Elliott, Associate Professor (Fintech), Newcastle University Business School, stated:
“Having featured in the Kalifa Review, I know the vital importance of championing the fintech ecosystem across North East from a ‘pracademic’ perspective by securing the future talent pipeline and co-leading high quality projects such as FinTrust and Finclusion. 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. This will explore the socio-technical features of the fintech landscape expertise in providing skills in ethical and responsible innovation.”
In addition to the North East report, Whitecap Consulting has analysed and reported on regional FinTech ecosystems in Leeds and Manchester.
