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UK finance minister wants London to claim the fintech crown
London already soars ahead of most other cities when it comes to fintech, but the UK’s finance minister George Osborne wants the city to be nothing less than the world leader.
Speaking at the Bank of England Open Forum event on Wednesday, the chancellor of the exchequer said the government was working with big four audit firm EY to draw up a benchmark to compare London with international fintech rivals like New York, Silicon Valley, and Hong Kong, reported the Financial Times (paywall).
Osborne has already long since pinned his colors to the mast as a champion for London’s fintech industry. Earlier this year he chose VC Passion Capital’s Eileen Burbidge as the UK’s special envoy for fintech. The government has also put 10 million pounds ($15 million) towards research into blockchain technology.
His latest speech, however, seems to recognize that London has some serious competitors, he said: “The race is on, but we’re determined to win it”. Plenty of other cities have echoed a similar sentiment, but given the size of the industry and opportunity, one has to wonder: is it really a zero-sum game?