The Mayor of London recently revealed at an event co-hosted with Infocomm Development Authority of Singapore that London is the world leader in financial technology.
At present the UK’s financial and technology market is worth £20 billion in revenue a year. So far in 2014, firms in the capital have attracted more than $539m in venture capital investment – equating to half of all fintech investment across Europe.
Infocomm Investments announced its opening of a London office in October. At the same time it also disclosed it would be investing in London-based financial technology accelerator Startupbootcamp Fintech.
London Mayor, Boris Johnson said: “London has always been at the forefront of financial innovation and now our financiers are leading another global revolution, this time driven by technological innovations that are changing the way the world does business, creating new jobs and economic growth both in the UK, and in the other financial centres of the world.”
Recent research conducted by YouGov confirms the announcements made by the Mayor of London. With findings stating that 56% of senior executives surveyed in the UK’s financial services sector believe London is best placed globally to lead fintech innovation. Most stated London’s position as a global trading hub was their reasoning for this.
By: Kirsty MacGregor
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