Welsh businesses blazing a trail in the financial technology sector will seek to take their company aspirations to the next level today when they join a global audience at a showcase of their innovations and global investment plans at the International FinTech Conference (22 March).

The 2nd UK Government International FinTech Conference will bring together international investors and UK Fintech firms alongside leading industry figures, regulators and policymakers for a day-long programme of talks and pitches promoting the opportunities for global investment in the UK Fintech sector.

In Wales the digital economy is worth an estimated £8.2bn and employs over 44,000 people.

Cardiff’s burgeoning reputation as an incubator for some of the UK’s leading FinTech companies will be highlighted at the conference by start-ups Wealthify, MYPINPAD and Delio.

Secretary of State for Wales Alun Cairns is currently exploring the growing potential for Wales-Asia trade links at the Great Festival of Innovation in Hong Kong.

Speaking of Wales’ growing stature in the FinTech sector, he said:

Whether you’re tapping your bank card to pay for your morning coffee, or using your smartphone to check your bank account in the evening, chances are you’re a regular consumer of Britain’s ambitious and exciting FinTech industries.

This conference will be a showcase and a celebration of an industry that has done so much to contribute to this country’s knowledge, skills and expertise, enhancing the UK’s status as a global financial centre.

And I’m delighted to see Welsh FinTech companies taking part today – each eager to showcase this impressive wave of innovation that Wales is producing, and each benefiting from a blueprint for the best FinTech ecosystem in the world, cultivated right here in the UK.

One of the Welsh companies invited to exhibit their technology at the conference is Wealthify. Launched in Cardiff in 2016, it is a low cost ‘robo’ investment service that makes the process of becoming an investor easier, quicker and more affordable.

Richard Theo, Chief Exective Officer of Wealthify said:

The International Fintech Conference is an exciting opportunity for some of the UK’s best and brightest fintech companies to come together through quality and relevant discussion, leading to meaningful collaboration with other businesses, policy makers and potential investors from around the globe. We are particularly impressed with the calibre of the other organisations on the attendee list of IFC2018, which reads like a ‘who’s who’ of the UK fintech sector.

We launched Wealthify in 2016 with a mission to use technology to revolutionise and democratise investing by making it simple, affordable and accessible to everyone. Events such as IFC act as an important forum for like-minded Fintech businesses to meet, exchange experiences and ideas and take part in organic debate that helps drive progress in our emerging sectors. What really sets IFC aside from other events we’ve attended is the unique and invaluable opportunity to hold these vital discussions in the presence of Westminster policy and decision makers with whose support we can drive real and positive change for the UK sector and beyond.

Wealthify will be joined at the conference by MYPINPAD – a Cardiff based payment authentication software company established in 2012 which now has offices in London, Hong Kong and Jakarta.

Allan Syms, Chief Operating Officer at MyPinPad said:

We are delighted to have been hand selected to exhibit at this years’ International FinTech Conference as ‘one of the UK’s most exciting FinTech’s. MYPINPAD is a global leader in payments software authentication solutions.

Our patented technologies make it easier and more secure than ever before for merchants and PSP’s to accept card payments both online and in-store to meet the ever-growing demand for innovative mobile payment solutions.

Our aspiration of growing the number of global card acceptance points from 46m to 460m in the next 5 years drives us towards our goal of turning every ubiquitous smart device into a payment acceptance terminal. We are looking forward to showcasing our revolutionary software-based payments authentication technologies to international investors, industry experts and domestic policymakers at this year’s event.

The conference coincides with the launch of the UK Government’s FinTech Sector Strategy – a plan developed to underline the Government’s ongoing support for the industry, responding directly to one of the key aims of the Industrial Strategy of making the UK one of the best places to start and grow a business.

The Fintech Sector Strategy will include:

• a Cryptoassets Task Force consisting of HM Treasury, the Bank of England, and the Financial Conduct Authority. This will help the UK to be at the forefront of harnessing the potential benefits of the underlying technology, while guarding against potential risks
• ‘Robo-regulation’ pilot schemes to help new fintech firms, and the financial services industry more widely, comply with regulations by building software which would automatically ensure they follow the rules, saving them time and money
• appointing three new Fintech Regional Envoys to ensure the benefits of fintech are felt across the UK
• creating a set of industry standards which will enable fintech firms to more easily partner with existing banks
• helping new, small fintech firms to provide complex financial services and thereby grow their businesses and reach new customers. Industry and government will work together to create ‘shared platforms’ which will help remove the barriers that these firms face in setting up new systems
• a Connect with Work programme developed by the government’s Fintech Delivery Panel to help fintech firms to take advantage of the UK’s diverse workforce

At the conference the Secretary of State for Digital, Culture, Media and Sport, Matt Hancock, will also announce that Tech City UK is building a world-leading Fintech Programme across the country. This will support new companies in the sector across the UK to become tomorrow’s global fintech firms.

Digital and Culture Secretary Matt Hancock said:

We are determined to make Britain the best place to start and grow a digital business while giving consumers more choice when it comes to managing their money. This new nationwide fintech programme will help startups right across the country flourish in the future and spread the benefits of this pioneering technology.

The Conference is a highlight event as part of UK Fintech Week 2018, which takes place from 19-23 March. ENDS

A new cryptoassets task force, the next steps in ‘robo-regulation’ to make it faster and easier for fintech firms to follow complex regulations, and a new UK-Australia ‘fintech bridge’ to help UK firms expand internationally, are some of the innovations expected to be announced by the Chancellor, Philip Hammond, at the government’s second International Fintech Conference, held today (22nd March).

They are set to form part of the government’s first Fintech Sector Strategy, which will be launched at the conference.

Chancellor of the Exchequer, Philip Hammond said:

From the square mile in London to Scotland’s Silicon Glen, the UK leads the world in harnessing the power of fintech as we create an economy fit for the future.

I am committed to helping the sector grow and flourish, and our ambitious Sector Strategy sets out how we will ensure the UK remains at the cutting edge of the digital revolution. As part of that, a new task force will help the UK to manage the risks around Cryptoassets, as well as harnessing the potential benefits of the underlying technology.

The Fintech Sector Strategy will include:

• a Cryptoassets Task Force consisting of HM Treasury, the Bank of England, and the Financial Conduct Authority. This will help the UK to be at the forefront of harnessing the potential benefits of the underlying technology, while guarding against potential risks

• ‘Robo-regulation’ pilot schemes to help new fintech firms, and the financial services industry more widely, comply with regulations by building software which would automatically ensure they follow the rules, saving them time and money

• appointing three new Fintech Regional Envoys to ensure the benefits of fintech are felt across the UK

• creating a set of industry standards which will enable fintech firms to more easily partner with existing banks

• helping new, small fintech firms to provide complex financial services and thereby grow their businesses and reach new customers. Industry and government will work together to create ‘shared platforms’ which will help remove the barriers that these firms face in setting up new systems

• a Connect with Work programme developed by the government’s Fintech Delivery Panel to help fintech firms to take advantage of the UK’s diverse workforce

At the conference the Secretary of State for Digital, Culture, Media and Sport, Matt Hancock, will also announce that Tech City UK is building a world-leading Fintech Programme across the country. This will support new companies in the sector across the UK to become tomorrow’s global fintech firms.

Digital and Culture Secretary Matt Hancock said:

We are determined to make Britain the best place to start and grow a digital business while giving consumers more choice when it comes to managing their money. This new nationwide fintech programme will help startups right across the country flourish in the future and spread the benefits of this pioneering technology.

At the conference, the Chancellor and Scott Morrison, Treasurer of the Commonwealth of Australia, will sign a new Fintech Bridge agreement. This will help to open up a new important market for UK fintech firms wanting to expand internationally by selling their products and services in Australia. It will also help the two countries to harmonise policies across a range of issues relevant to fintech, and increase regulatory cooperation.

Commenting on the UK-Australia Fintech Bridge, Philip Hammond said:

Today’s UK-Australia Fintech Bridge agreement is our most ambitious to date. It will bring together our regulators, policy makers, and private sectors to build an improved fintech ecosystem to support the growth of our fintech markets.

This is underpinned by the most advanced regulatory partnership that the FCA has signed, connecting the UK to a market of 24 million people and ensuring stronger commercial ties with Australia’s rapidly growing fintech sector.

As part of the Fintech Bridge, Innovate Finance and FinTech Australia will introduce a regular business to business summit, advising the UK and Australian governments on how best to support the sector.

Charlotte Crosswell, CEO, Innovate Finance said:

This exciting partnership between Innovate Finance and FinTech Australia will foster even stronger ties between the fintech communities of our two countries and is an important step in supporting innovation in financial services on an international scale. It offers an excellent opportunity to work together to share industry best practices, strengthen understanding and knowledge of each other’s fintech markets, and drive progressive regulatory approaches to help our fintech sector grow.

The UK fintech sector contributes £6.6 billion annually to the UK economy, and employs over 60,000 people across 1,600 companies. In the first three quarters of this year the sector received a record £2.1 billion investment.

The conference will bring together international investors and UK fintech firms alongside leading industry figures, regulators and policymakers for a day-long programme of talks and pitches promoting the opportunities for global investment in the UK fintech sector. Keynote speakers include:

• Philip Hammond, Chancellor of the Exchequer
• Scott Morrison, Treasurer of the Commonwealth of Australia
• Eileen Burbidge, HM Treasury’s Special Envoy for FinTech
• Matt Hancock, Secretary of State for Digital, Culture, Media and Sport
• Jayne-Anne Gadhia, CEO of Virgin Money and Government’s Women in Finance Champion
• Dame Helena Morrissey DBE, Head of Personal Investing, Legal and General Investment Management
• Dave Ramsden, Deputy Governor for Markets and Banking at the Bank of England
• Mark Tucker, Chairman, HSBC
• Sir George Iacobescu, Chair and CEO, Canary Wharf Group
• Imran Gulamhuseinwala, Global Head of FinTech at EY
• Samir Desai, CEO of Funding Circle
• Steve Hatch, Vice President Europe at Facebook

Watch the Chancellor, Philip Hammond, talking about the conference.

Access to Constant Friend via another fishing vessel

MAIB’s report on the fatal man overboard from the stern trawler Constant Friend is now published. A crewman fell into the water at Kilkeel Harbour while attempting to board via another vessel on 23 September 2017.

The report contains details of what happened, subsequent actions taken and recommendations: read more.

A safety flyer to the fishing vessel industry summarising the accident and detailing the safety lessons learned, has also been produced.

Published 22 March 2018

On Monday EU foreign ministers expressed “unqualified solidarity” with the UK after the terrible attack in Salisbury and gave their support for our efforts to bring those responsible for justice, demanding urgent and full answers from the Russian government. EU ministers agreed the need to focus on the implications of this shocking incident.

Tomorrow the Prime Minister and other EU leaders will discuss this at the European Council. I came to Brussels today as part of the preparations for those discussions.

I had the opportunity to meet the High Representative and other senior EU officials and to brief representatives of all the Member States.

I set out the reasons for our clear assessment of Russian responsibility, the measured but clear response we were taking, the wider pattern of malign behaviour into which Salisbury fits, and the importance of a renewed and wider international focus, including from the EU, on the challenge Russia represents to our shared interests and values.

It was clear from my discussions not only the strong solidarity with my country but also the shared sense of gravity and determination to look carefully, calmly but purposefully at the implications, given the high stakes involved for our shared European security and the rules based international order.