Following the Chancellor, Rishi Sunak’s announcement to boost the financial technology (Fin-tech) sector last April, Jinesh Vohra, CEO of Sprive.com, comments: “Most consumers have barely skimmed the surface of what fintech can do so this is welcome news – especially now as we begin to slowly and cautiously emerge out of lockdown.
Mr Sunak went on to say that he wants to make it easier for fintech’s to list on the UK stock market and attract staff to the UK. He said: “This is an incredibly important moment for the UK financial services sector and If we can capture the momentum, the excitement and the extraordinary potential of the technological revolution, we can make real our vision of this country as the pre-eminent financial centre in the world.”
But Mr Vohra believes that nowhere in Europe rivals the scale of the fintech industry like the UK and the intention should be to keep it that way.
He adds: “Certainly, prior to Brexit there was much speculation that London would losing its place in the fintech space, but we didn’t consider that for a moment. It’s great news that fintech is being recognised and a combination of investment and competitiveness will continue to put London at the forefront of fintech advancement, and when combined with customer pressure to innovate, more change within the financial services’ sector will be driven for the better – and importantly to benefit both the industry and the consumer.
“Although at the moment we might be comfortable checking our bank balances on an app, letting third-party software into our private online spaces and allowing robots to make transactions on our behalf might seem a little daunting – but that time will come and early adopters are already happy to put their trust in tech.
“Using open banking, Sprive helps people make overpayment on their mortgage easily, flexibly and safely. Most lenders allow customers to pay off at least 10% of their mortgage every year without penalty, but with our app, customers set their own limit to ensure they don’t fall foul of lenders’ terms and conditions.
“Fintech is coming of age to help consumers streamline their finances and we’re pleased to be playing a big part in this.”