London world leader in financial technology; Mayor Johnson celebrates
London (Nov. 29, 2014): London Mayor Boris Johnson celebrated the city as world leader in Financial Technology.
The Mayor has revealed new figures that indicate London is a world leader in financial technology and a driving innovation that is changing the face of the financial services industry. He revealed the figures while attending an event in Singapore to showcase London's FinTech sector.
Figures compiled by London and Partners, the Mayor's promotional company, show a record amount of venture capital investment is being made in London-based FinTech firms.
So far this year companies have attracted more than USD 539 million which is triple the amount raised in 2013, and an amount representing more than half of all FinTech investment across Europe.
Further research commissioned by London and Partners shows that more than 56 per cent of senior executives and above, surveyed in Britain's Financial Services believe London is best placed globally to lead FinTech innovation, ahead of New York, Hong Kong and San Francisco.
Those who thought the capital is best placed cited its position as a global trading hub as the key reason behind it, followed by close proximity of financial and technology businesses in the city.
The YouGov poll also found that 81 per cent of those surveyed thought that FinTech was already having an impact on the traditional financial services sector. More than 52 per cent said high street, retail banks need to embrace new technology while 48 per cent said that banks were failing to adapt quickly enough to the challenges presented by advances in financial technology.
The Mayor is on a six day trade mission to the Far East where he is aiming to build on his work to create jobs and growth, and promote London to the world as a major investment destination as he leads a trade mission to Singapore, Jakarta and Kuala Lumpur.
Over six days, he will meet senior politicians, business leaders and investors in some of the world's largest and fastest growing economies, to champion investment opportunities in London and the UK by forging closer ties with the three cities.
He has been accompanied by a delegation of the capital's top business leaders from key sectors including financial and investment services, and construction and design. They are being supported in the region by a parallel UKTI mission made up of London's emerging small technology and science related businesses.
At the event Steve Leonard announced that Startupbootcamp, the London-based FinTech accelerator will launch an Asia accelerator programme in Singapore next year. To showcase Singapore's commitment to tech entrepreneurship, Mr Leonard also announced that IDA would be partnering with London-based Founders Forum to bring its exclusive "Leaders-in-Tech" gathering to Singapore next April.
Meanwhile, Co-founder of Founders Forum, entrepreneur and investor Brent Hoberman said, "We're delighted to be working alongside IDA to co-host the inaugural Founders Forum Smart Nation Singapore next April. We look forward to bringing some of the world's leading tech entrepreneurs to Singapore and hope that through this, we can help IDA on its mission for Singapore to become the world's first Smart Nation. We want to strengthen the ties between London and Singapore so aim to promote Singapore as the pivotal hub for top London entrepreneurs who are looking to expand into Asia."
The Mayor of London also used the event to demonstrate some exciting new technology developed by the London-based startup Vieweet, which is working with TescoLabs, the innovation arm of the UK supermarket chain, to explore the future of online retailing.
"Online shopping is largely about picking things off a list. It doesn't really engage the consumer in the same way as actually being in a shop. What we're trying to do is bridge that gap. Our technology was originally conceived as a tool for the real estate industry but we're demonstrating, with TescoLabs, that it has potential to revolutionise ecommerce too," said Co-founder and Chief Operating Officer of Vieweet Domenic Versace.
Singapore, which is the leading financial hub of Southeast Asia, is well placed to benefit from advances in FinTech.
The UK FinTech market is currently worth 20 billion Euros in annual revenue and growing according to EY 5 and London is now the world's largest centre for financial technology, with 44,000 people working in the sector - more than both Silicon Valley and New York, according to research by South Mountain Economics 6.
Gordon Innes Chief Executive of London and Partners, the Mayor's promotional company for London, said, "London's FinTech sector is growing faster than anywhere else in the world.
Other UK FinTech companies accompanying the Mayor in Singapore include TransferGo, Algomi, Azimo, JustYoYo, Tryum, Real Asset and Iwoca.