Financial Services Organisation (FSO) helps fintech companies invest in UK
UKTI’s Financial Services Organisation (FSO) offers practical assistance to overseas financial technology (fintech) companies setting up in the UK.
The FSO’s been providing practical assistance to fintech companies since it launched in 2013.
Indian fintech company Heckyl Technologies received FSO support with:
– securing office space in Canary Wharf’s Level39 accelerator
– connecting the company with recruiters
– setting up a UK business bank account
– integration into the UK’s fintech business community through introductions to regulators, networks and peers
– introductions to potential clients including banks and asset management companies
Som Sagar, co-founder at Heckyl Technologies, said: “UKTI helped us on an on-going basis and we consider them to be valuable partners in our plans for growth. They even helped with our staff recruitment in the UK which was key to our plans for expansion.”
The FSO also helped banking solutions provider Avaloq to set up a development centre in Edinburgh, enabling them to internationalise. The company intends to create 500 jobs over the next five years.
CME Group grew their presence in Belfast with FSO support. The company recognised that they needed to create a strong presence in Europe. The office in Belfast is now their largest technology office outside of the United States.
Why financial technology (fintech) companies should invest in the UK
Sue Langley, chief executive officer for FSO, said: “The UK government is committed to supporting fintech companies. UKTI is on hand to offer practical support and assistance to any fintech company thinking of establishing a presence in the United Kingdom.”
The UK is the right place for fintech companies due to its:
– large and technologically sophisticated customer base
– good availability of business capital
– supportive regulatory approach
– excellent financial services infrastructure
– location from which companies can internationalise and do business in new markets
UKTI has published a report that sets out the strengths of the UK’s fintech sector and the market opportunities for fintech companies.
