Reforms will unlock potential as Wales leads in new financial era

THE UK Government's launch of the Financial Services Growth and Competitiveness Strategy at Mansion House this July marks a pivotal moment - not just for the financial services sector across Britain, but specifically for Wales, where the FinTech sector continues to grow with momentum and ambition.

- ROBERT LLOYD-GRIFFITHS

As the director of ICAEW in Wales, I welcome this renewed commitment to building a regulatory environment that is proportionate, predictable and internationally competitive. These reforms signal that the UK Government recognises the vital contribution of financial services in driving inclusive growth - and importantly, that this growth must not be confined to London. The Leeds Reforms offer Wales a generational opportunity to harness its own strengths in FinTech, attracting investment, simplifying regulation, and unlocking new pathways for innovation.

Wales has long shown promise as a financial services hub, but in recent years FinTech has emerged as a true flagship of our economic strategy. With more than 13,000 people working in FinTech across the nation and a collective contribution of £1.6 billion to the Welsh economy, this is a cornerstone of modern Wales.

The dramatic rise in investment, from £13 million in 2022 to over £70 million in 2023, is testament to the strength of the sector and the hard work of organisations like FinTech Wales. This industry-led membership body has played a central role in uniting startups, scale-ups, corporates and academia, fostering an ecosystem grounded in innovation, collaboration and inclusion.