Wales sets its sights on becoming a global fintech centre

Fintech Wales has put together a 10-year roadmap to make the country a global leader in the sector. So why does it think Wales is so well positioned to become a fintech leader?

Wales is setting its sights on becoming a global fintech centre. Led by the not-for-profit organisation Fintech Wales, a 10-year roadmap has been outlined to help establish the country as a leading player in financial services technology.

The country already has a strong technology sector, worth £8.5bn to the Welsh economy, and made up of 3,500 homegrown and multinational technology operations. 45,000 people are actively employed within Wales' digital economy, with tech hubs in Cardiff and Newport in the south, Swansea in the west and Wrexham in the north.

With Wales being home to three of the top five online insurance aggregators and well-known for its tech talent programmes, Gavin Powell saw the potential to take its fintech industry to the next level. Having originally worked in the aerospace sector, where he developed an ecosystem and environment to support innovation and growth, he was ready to take on a new challenge and became general secretary of Fintech Wales in March 2019.

"My background was at Airbus, where I did similar work for the aerospace sector. However, it had a more established ecosystem, working with universities, governments etc. Fintech isn't quite as well joined up, but I could see some real opportunities to make the Welsh fintech sector something great."

 

Why Wales?

Wales has a lot in its favour. The devolved government ensures proximity between business and policymakers, and is aligned with the goals of the sector.

To continue reading this article register now