Fintech is the use of technology such as AI and blockchain to deliver financial services and a new project will produce an analysis of the sector in Liverpool city region. Tony McDonough reports
A research collaboration between the public and private sectors aims to produce the first detailed analysis of the fintech sector in Liverpool city region.
Fintech is short for ‘financial technology’. It refers to the use of digital technology to deliver financial services. These include artificial intelligence, block chain and big data.
Whitecap Consulting will undertake the research to analyse the current scope of the fintech sector across the city region. This research will then be used to showcase the region’s wider applied tech capabilities.
When completed, the report will include recommendations and suggested actions which can help support the economic contribution of the sector to the regional economy.
Sponsors and supporters of the project include Growth Platform, Liverpool City Region Combined Authority, University of Liverpool, DTM Legal, RSM UK, Professional Liverpool, and FinTech North.
Simon Reid, head of sectors at Growth Platform, which is a city region economic development agency, said: “Fintech is increasingly relevant and embedded into multiple other sectors such as retail, travel, social media, gaming, and property.
“It is important the Liverpool city region outlines its fintech proposition so this can be shared nationally and internationally, and used to help drive economic growth and inward investment.”
In February 2021, a strategic review of UK fintech (the Kalifa Review) was published. It highlighted the strength of key regional fintech clusters across the UK.
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And it identified a need for individual clusters to develop their fintech capabilities and to collaborate regionally and nationally.
Julian Wells, director and financial services and fintech lead at Whitecap, added: “Fintech has been a visible area of interest for inward investment in the region over recent years.
“There have been a number of FinTech North events in Liverpool since 2018, drawing audiences from within the region and further afield.”
Organisations in the region who would like to be involved in the project should email info@whitecapconsulting.co.uk