The UK must act now to keep fintech crown – Janine Hirt, CEO, Innovate Finance

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5 • 6 Ratings

🗓️ 5 March 2024

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

Janine Hirt, CEO of Innovate Finance, unpacks what the UK must do to maintain its historical strength in financial technology, why clarity in regulation for crypto, BNPL and open banking is vital, and what needs to be done to tackle rising financial scams.

Hirt has been with Innovate Finance, the UK fintech industry body, for the past nine years after joining as a community lead in 2015. Hirt then became the group’s ecosystem director, then COO before rising to the rank of chief executive in 2021. The independent group is responsible for championing the efforts of British fintech and advising government policy to support its growth. Before joining Innovate Finance, Hirt held roles at the think tank Chatham House and the Brazilian-American Chamber of Commerce. Elsewhere in this episode, Hirt looks at where fintech clusters are in the UK, why Big Tech must take some responsibility for financial crime, and what she’s hoping to see for the fintech sector in the Spring Statement.

Transcript

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0:00.0	I would actually argue that fintech is still really very much at the heart of the UK strength, both in financial services and technology.
0:16.2	We do want to hold social media and social media platforms accountable for the fraud and the resulting financial and emotional harm.
0:28.6	And we look at regulating any type of new technology, it's really important that we don't just put it in a box of how we used to regulate old technology.
0:45.9	From the first time founders to the funds that back them, innovation needs different.
0:52.6	Our episode partner, HSBC Innovation Banking, is proud to accelerate growth for tech and life science businesses, creating meaningful connections
0:55.4	and opening up a world of opportunity for entrepreneurs and investors alike.
1:00.7	Discover more at www.h.hsbc Innovationbanking.com slash EN dashGB.
1:13.6	Hello and welcome to the UKTN podcast, a weekly chat with the movers and shakers of the UK
1:19.5	tech industry and the destination for all things UK tech related.
1:23.8	I'm your host, Jane Wakefield, and this week I'm joined by Janine Hurt, the CEO of Innovate Finance,
1:29.9	the industry body representing the UK's fintech sector. Welcome, Janine. Hi, Jane. It's great to be
1:35.7	here. Thank you so much for having me. So let's start off by just getting an explanation from you
1:40.1	about exactly what it is that innovate finance does. Yes, absolutely. I mean, you mentioned we are
1:44.9	the industry body for UK Fintech. Essentially, we represent the next generation of technology-led
1:50.1	innovators to create that more inclusive, more democratic, more effective financial services sector
1:55.6	that really works better for everyone. We are a membership association. We're a not-for-profit
2:00.4	organization as well,
2:01.5	and we convened the entire fintech ecosystem. And by that, I mean we have a number of early stage
2:06.8	companies across all fintech verticals from your more traditional plays like P2P FX Transfer
2:12.0	through to artificial intelligence, cyber, reg tech, and everything in between. But we also bring the likes of
2:18.3	your high growth companies such as Zilch, Klarna, Revolut, Wise, Stripe to the table. And we also have
2:25.6	the large incumbent financial services firms that are interested in innovating. And we have a number of
	...

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