Osborne hails Tech City and Fin Tech at Level39 event

By Rob Virtue on August 6, 2014 10:50 AM |

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Chancellor George Osborne hailed Tech City and its role in the future of banking at a meeting at Canary Wharf on Wednesday.

He was launching Innovate Finance at Level39 and said he believes London can lead the way in Fin Tech.

He said banking should evolve in the same way communication has in recent years.

It includes schemes currently underway such as being able to "bypass traditional banks" and "lend money directly through peer-to-peer platforms".

"We have among the best scientific research; one of the greatest tech hubs in the world, near here in Tech City; and the highest density of start-ups in the world," said the Chancellor.

"And with the right backing from government, I believe we can make London the Fin Tech capital of the world. For me this is not an add-on to what the City already does.

"It has to be what the City becomes in the future."

The Chancellor announced new measures to support the Fin Tech sector including allowing peer to peer lending in ISAs and incentives to encourage investment start-ups.

Innovate Finance, previously FinTech UK, marked its launch with an event at Level39 this week.

The group is an industry organisation which supports technology-led financial services innovators.