News story

UK and Nordic-Baltic fintech community explore collaboration opportunities

Nordic-Baltic fintech companies meet with UK fintech community during visit to London, the biggest global centre for fintech firms.

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UK Trade and Investment (UKTI) will be hosting a delegation of 25 of the best Nordic-Baltic fintech companies on a visit to London on 3 February 2016.

The visit aims to showcase the breadth of innovation and talent in the Nordic-Baltic fintech scene. This is rapidly changing the face of financial services in the Nordic-Baltic region.

The 25 Nordic-Baltic fintech companies will be developing relationships with the vibrant fintech communities in the City of London.

Christina Schiøtt Liaos, Director for UKTI in the Nordic-Baltic region, said

UK Trade and Investment is pleased to be providing support to such an innovative group of Nordic-Baltic companies so that they can learn from the thriving fintech industry in London and look for opportunities for collaboration and expansion.

Equally, we want to showcase the Nordic-Baltic fintech offering - it is a rapidly changing environment in this region and now is the right time for British companies to look to do business here.

Contact Christina.liaos@mobile.ukti.gov.uk for a copy of UKTI/Finextra report ‘Fintech: UK-Nordic-Baltic Cooperation’.

The report is only available to UK companies.

Fintech in London

The UK financial services sector accounts for approximately 9.4% of UK Gross Domestic Product (GDP).

London is the digital heart of the UK with:

  • more fintech start-ups than anywhere else in Europe
  • more people employed in the industry than both Silicon Valley and New York
  • Europe’s largest fintech accelerator, Level39 which is home to some 170 companies
  • other fintech spaces such as Startup Boot Camp Fintech and Barclays Fintech Accelerator

Elena Williams, Chief Operating Officer (COO) of UKTI’s Financial Services Organisation (FSO), said,

We are delighted to welcome this delegation with the support of the Lord Mayor.

The UK’s offer as a global centre of excellence for fintech and London’s vibrant ecosystem, is an attractive platform for companies looking to grow their business.

We are confident that this mission will provide opportunities for the Nordics-Baltics delegation to explore the strengths of the UK’s inward investment offer.

Future Shape of Banking event

London & partners will facilitate the first session of the day. This will have a specific focus on what it takes to operate in the fintech environment of the UK. The delegation will meet the UK fintech community to:

  • explore the legal side of fintech from a regulatory perspective
  • explore nascent fintech regulation
  • meet exciting fintech accelerators who can help facilitate UK market entry for foreign fintech companies

In the afternoon, over 200 guests from the UK fintech ecosystem will meet the Nordic-Baltic companies at a session in Mansion House. This will be hosted by the Lord Mayor of the City of London, ‘Alderman The Lord Mountevans’.

Discussion will evolve around the factors impacting innovation and digitalisation in finance which necessitate cross border cooperation including:

  • regulation
  • the Directive of Payment Services (PSD2)
  • rapid pace of technological evolution
  • changing customer demand

Selected Nordic-Baltic companies are invited to pitch their fintech business ideas to an investor audience highlighting their fintech innovation in action.

Fintech cooperation

During the past 9 months UKTI has run a campaign ‘UK- Nordic-Baltic Shaping the Future of Banking’. This has focused on the fintech strengths existing in both the UK and the Nordic-Baltic countries and seeking ways to work together to shape the banking sector.

The idea is that by working together the strong fintech companies from the UK and the Nordic-Baltic region can shape the future of banking, globally.

Background

UKTI, in cooperation with Finextra, has already delivered 3 focused conferences in Copenhagen, Tallinn and Stockholm. These events highlighted:

  • hot fintech topics
  • engaging the local fintech community
  • facilitating matchmaking with important local players

The Nordic-Baltic countries include: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden.

Contacts

Contact Financial Services Organisation for more information on opportunities in the UK for fintech companies.

Published 3 February 2016