About the Centre for Finance, Innovation and Technology
The Centre for Finance, Innovation and Technology (CFIT) will be a private sector-led body. It will focus on financial innovation in the UK by bringing together experts from across the finance and technology ecosystem. Their aim will be to identify and address opportunities and barriers to growth for UK fintech. CFIT will incorporate the interests of a range of interested parties, including from the broader financial services, technology and innovation sectors.
Following publication of the Kalifa review of UK fintech, CFIT will follow a focused and streamlined model built around a ‘coalitions’ approach. This approach brings together individuals and organisations from across the ecosystem which can drive progress against specific issues that are impacting financial innovation in the UK. This is with a view to having maximum impact in supporting the growth of the sector. CFIT will operate as a virtual body, facilitating enhanced connectivity across the regions and providing research and data capabilities in financial technology and innovation.
What is CFIT and why is it being established?
CFIT was a key vision of the 2021 Kalifa Review of UK Fintech. The purpose of CFIT is to solve the fintech industry’s most complex and ‘knotty’ problem statements, and drive forward tech innovation in UK financial services
Who has been involved in the development of CFIT so far?
Development of CFIT has been led by a Steering Committee chaired by Ron Kalifa. Over the course of the past 5 months, the SteerCo has worked with EY to provide the leadership team with a strong foundation to be able to hit the ground running. This has resulted in a ‘playbook’, available to download below, covering vision, strategy, op model, governance, funding options, coalition model analysis and more to support the leadership team.
What is CFIT’s Vision and Mission?
CFIT’s vision statement builds on the perimeters set by HMT and COLC for the UK to be a global leader for financial innovation
- Vision - The UK is the global leader for financial innovation
- Mission - To accelerate opportunities and unblock barriers to growth for fintech, by bringing together the best minds from the ecosystem, to drive better outcomes for consumers and SMEs across the UK
What are CFIT’s core objectives?
- CFIT will bring together time-limited ‘coalitions’ of experts from across the finance andtechnology ecosystem, to address barriers to fintech sector growth, in line with the priorities identified in the Kalifa Review.
- CFIT will support the creation of high-income tech-based employment nationwide, it will enable firms to achieve global scale, and it will improve access to financial services forcitizens and small businesses.
Driven by:
- Research and data generation
- National coordination; by prioritising enhanced connectivity across the nations and regions
- Supporting the pipeline of talent by providing skills development opportunities.
CFIT is not:
- A funding mechanism: the sole purpose of HMT’s and COLC’s seed funding is for the establishment of CFIT
- A lobbyist and does not promote individual brands: focus is on accelerating scaling and growing the fintech sector
- An implementation body: focus is on identifying complex problems/ barriers and convening coalitions to find solutions
CFIT does not:
- Set UK fintech strategy or policy; strategy and policy work sits with the government, although CFIT may support and inform it
- Duplicate the work of other organisations and initiatives; CFIT’s coalition work will be additive to ongoing work by other organisations in the market (i.e., The International Fintech Group, DIT, Innovate Finance)
For more information about the Centre for Finance, Innovation and Technology, download the FAQ document below.