DIT FSO – Helping Entrepreneurs Thrive in the UK Financial Services Sector and Beyond

Author

UK Business Angels Association

14 December 2017

Financial services is worth billions to the UK economy and employs thousands of people across a range of sectors, from fintech to insurance and asset management. A new generation of entrepreneurs from around the world is fuelling this growth – and we want this to continue with a bit of help from the Department for International Trade’s Financial Services Organisation (DIT FSO).

Supporting the new innovations and businesses of this vital industry is the central role of this organisation.

Comprising a team of dedicated professionals from both the public and private sector, DIT FSO covers a number of verticals including FinTech, insurance, asset management, capital markets and banking.

DIT FSO supports UK companies to export and expand internationally through trade advice and practical support with the help of a vast network of international trade advisors and overseas networks in the UK’s consulates and embassies abroad.

We offer a range of unique services, including participation at selected trade fairs, outward missions and bespoke market intelligence, to help companies enter overseas markets and get to grips quickly with overseas business practice. We also provide sector and market specific advice and support through a range of ongoing government initiatives and bespoke activities.

In addition, we develop and maintain relationships with existing investors in the UK and abroad on an ongoing basis to support their expansion. FSO helps overseas companies bring high quality direct investment into the UK’s dynamic financial services economy, widely acknowledged as Europe’s best place to succeed in global business.

The UK is committed to ensuring the country continues to be the best place in the world to be a FinTech company. As such, the following initiatives have been put in place to help us maintain this goal:

• Creation of an industry-led FinTech panel to oversee the overarching FinTech strategy for the UK

• Enhancement of the Tech Nation Visa Scheme

• Launch of a Government FinTech conference in London to showcase the UK’s thriving FinTech sector to international investors.

• Appointment of regional FinTech envoys, including two for the Northern Powerhouse and two for Scotland. These envoys are in addition to Eileen Burbidge, the UK Treasury’s special Fintech envoy and Al Lukies, the Prime Minister’s Business Ambassador for Financial Services.

• Creation of global FinTech Bridges with Singapore, China and South Korea to forge closer partnerships with international markets. FinTech bridges with other markets are currently being planned.

Our work is ongoing and our next focus is to map and categorise FinTech-focused accelerators, incubators and co-working spaces (IACs) across the UK, developing strategic relationships with key institutions. The aim is to build a centralised database that can then be used to help identify the demand from investors overseas through our embassies and match them up with potential investment targets in the UK, whilst at the same time allowing our embassies abroad to strategically target UK companies who are looking to expand overseas.

FSO has multiple touchpoints with hundreds of FinTechs from past trade missions, conferences and industry meetings. To-date, there is no single repository for these companies, their sub-sector breakdown, contact details, target markets or export status. We are therefore perfectly placed to match these opportunities up.

Are you a startup wishing to setup and grow in the UK or to scale up globally?

If so, we would love to hear from you to better understand your company and expansion ambitions overseas so we can offer support.

Drop us a line at [email protected] to find out more about how we can help you put your business on a path to success.

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