Second Anniversary of the Kalifa Review of UK Fintech

Yes, believe it or not today (26th February 2023) marks the 2nd anniversary of the Kalifa Review of UK Fintech. 

​The Kalifa Review made fice (5) Recommendations in he following areas:

1. Policy and Regulation
2. Skills
3. Investment
4. International
5. National connectivity

 

• Policy and Regulation - 

The Review proposed the implementation of a ‘Scalebox,’ which would support firms focused on scaling innovative technology by enhancing the existing regulatory sandbox. Kalifa also discussed the founding of a Digital Economy Taskforce (DET) to collate various functions of regulators related to fintech into a policy roadmap for a single view.

• Skills

The Review recommends upskilling and retraining by ensuring access to education from high-quality institutions at lowered costs. A new visa stream was suggested with the aim of opening up access to international talent which currently represents around 42% of UK fintech employees.

• International

The Review proposed delivery of an international action plan for fintech, driving international collaboration through the Centre for Finance, Innovation and Technology (CFIT), and by launching an international ‘Fintech Credential Portfolio’ (FCP) - akin to a quality stamp - to bolster credibility perceptions in international markets.

• Investment

The Review sought to establish a £1 billion ‘Fintech Growth Fund’ pulled from institutional capital to address a £2 billion fintech growth capital funding gap. The intention for this was that it would be a market-led fund, funded by holders of domestic institutional capital and would utilise existing regulatory concessions applicable only to the fund itself.

• National connectivity

The Review proposed the delivery of a three-year strategy to nurture the nation’s top 10 fintech clusters, improved national coordination strategy led by the CFIT, and the growth of fintech clusters via accelerated development and investment in R&D.


Read the Kalifa Review

• Executover Summary
• Full Report

Read Fnextra Article here
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