FinTech Wales is a new, not-for-profit independent membership organisation set up to champion the FinTech and Financial Services industry in Wales.
It was launched yesterday (April 29th) by Richard Theo, the UK Government’s FinTech Envoy for Wales, at the annual Innovate Finance Global Summit at the Guildhall in London.
FinTech Wales will operate as a trade association with member organisations comprising of FinTech and financial services companies headquartered or operating in Wales.
It brings together entrepreneurs and businesses of all sizes, as well as technology suppliers, innovators, universities and public sector bodies. The association has established an Advisory Board of 20 people including representation from Welsh companies such as Credas, Confused.com, Admiral, The Principality and Capital Law.
FinTech Wales will act as a global voice and advocate for FinTech, introducing the benefits to FinTech entrepreneurs and innovators of establishing a business in Wales, as well as nurturing and supporting those companies already in Wales.
Announcing the launch, Wales’ FinTech Envoy Richard Theo said: “The inauguration of FinTech Wales is the culmination of the work I have done to meet the challenge set by Parliament when I was appointed as FinTech Envoy for Wales in May 2018.
“We are at an early stage in this process, but we have already held our first Advisory Board meeting with around 20 people representing FinTech companies, financial services institutions and other organisations.”
Richard added: “Wales has many unique advantages as a location for FinTech and we aim to build on this and make it the best place to setup or scale-up a FinTech company. We will now develop a programme of activities to support businesses and entrepreneurs who want to setup or operate in Wales.”
In March 2018, the UK Government identified FinTech as a strategic opportunity for the UK which it laid out in its Fintech Sector Strategy. As part of this, the UK government appointed six regional envoys to ensure that the FinTech sector becomes a success story for the whole of the UK, and not just for London. Richard Theo was appointed as the Envoy for Wales and has been integral to the foundation and collaboration of the FinTech Wales panel members.
Welsh Government has helped support the initiative by appointing a general secretary to lead the formation and planning of the FinTech Wales organisation – Gavin Powell. A full launch, introducing each panel member and FinTech Wales’ strategy plans, is expected in the summer of 2019.