The Midlands is positioning itself as an important player in the UK’s FinTech ecosystem, with a goal of building a £1.5 billion digital economy. At the heart of this vision is the creation of a new FinTech Lab and the expansion of the “SuperTech” roadmap, designed to drive collaboration, innovation and economic growth in professional services technology. This plan builds on the region’s 50,000 business and financial services companies and its technology sector, which has grown 10% since 2021.
Key Points
- Economic impact: Aims to generate more than 4,600 jobs and £1.5 billion of economic output over the next decade.
- Innovation Center: Launch of a new laboratory to pilot research and development in FinTech and associated technologies such as PropTech and LegalTech.
- Collaboration: Partnerships between businesses, startups and universities such as Warwick Business School are at the heart of the initiative.
- Regional force: The West Midlands already supports over 11,000 FinTech jobs, contributing £474 million to the local economy, with potential to grow to £1 billion.
- Inclusivity and sustainability: Focuses on productivity, open data, inclusion and sustainability as key themes for innovation.