1. From Nought to Sixty Shaul David UKTI Fintech Specialist @ShaulDavidUK
Taipei, July 2016

2. “When a man is tired of London, he is tired of life for there is in London all that life can afford…” -- Samuel Johnson, 1777
We have come a long way since the 18th century. London is arguably the greatest city in the world!
Financial Innovations in London
Lloyds Coffee Shop – the origins of Insurance (Shipping)
The world’s first ATM cash dispenser at Barclay’s Bank in Enfield, England
London Fintech: From Nought to Sixty, Taipei, 11 July

3. Three developments created the ‘perfect storm’ for the emergence of new type of Fintech companies
London Fintech: From Nought to Sixty, Taipei, 11 July

4. Nurturing a tech cluster
Company formation red tape removal
Enterprise Seed Investment (EIS) & SEIS
R&D Tax Credits
Visa Schemes
Tech Apprenticeships
UK Trade and Investment
Tech sector is booming. >15000 new businesses formed in one London post code alone
Accountancy group UHY Hacker Young has revealed that the EC1V postcode, which covers the area of east London including Old Street and Tech City, with 15,720 startups formed in the area in just 12 months to March 2013
Tech firms are a sought after career choice for graduates and compete well on talent with the traditional London big employers, the banks and big 4.
Increasingly, fintech is not just about London. Several hubs like Edinburgh, Leeds and Manchester are growing organically and will attract more businesses in the future
London Fintech: From Nought to Sixty, Taipei, 11 July

5. VC community is noticing…
VC industry is noticing saw $100M worth of VC investment in London tech companies. By 2014 value of deals grew to $1.4Bn is on pace to double 2014 levels. Do the math.
Early stage deals are harder to track but no doubt are there creating the funnel of firms for late stage investors to pick from.
Source: City AM, Wednesday 6 January :45pm
London Fintech: From Nought to Sixty, Taipei, 11 July

6. …but not just the VC. Corporate VCs are a growing trend in global Fintech
CORPORATES PARTICIPATE IN OVER 1 OF EVERY 4 FINTECH DEALS GLOBALLY
London Fintech: From Nought to Sixty, Taipei, 11 July

7. Fintech is London’s calling card
Source: City AM, Wednesday 6 January :45pm
Fintech is londons calling card. London speaks the language of international finance. The city is uniquely positioned for the development of Fintech.
The top 3 uk tech companies to receive most funding in 2014 were fintech companies . This is no surprise.
Its combination of tech and financial expertise, large industry cluster as potential buyers and regulators all within a short underground ride from one another creates the ideal conditions for fintech innovation and development.
London Fintech: From Nought to Sixty, Taipei, 11 July

8. Industry is, of course, self organising for growth
Innovate Finance (Launched August 2014)
Accelerator and incubator programmes
L39
Accenture Fintech Innovation Lab
Startupbootcamp Fintech
Barclays Accelerator
D3 Fintech Challenge – Dassault Systemes
Wayra
Bright Bridge
London Fintech: From Nought to Sixty, Taipei, 11 July

9. Competition objective Reducing time to market Removing uncertainty
Our Regulator is a proactive stakeholder welcomed by the Fintech community
Competition objective
Reducing time to market
Removing uncertainty
Reg Tech – Regulator is the Customer
Project Innovate
Regulatory Sandbox
New Payment Systems Regulator
Regulating Loan- and Debt based Crowdfunding
Bank of England Fintech Accelerator
Bank of England announced that the Bank is launching a FinTech Accelerator to work in partnership with FinTech firms on challenges that we, as a central bank, uniquely face. The Accelerator will work with new technology firms to help us harness FinTech innovations for central banking.
Its worth spending a minute on regulation. Traditionally tech investors avoided heavily regulated industries. They said Regulation distorts competition and discourage new entrants and generally adds risk to any investment.
But it can be key enabler of Innovation
Regulation done right will protect consumers, and Promote competition, transparency and fairness
PSR for example outlined measures to improve both direct and indirect access to payment systems, which should benefit smaller, innovative payment service providers and ultimately the end users of payments, thats all of us.
What the government has done to support the sector
EIS/SEIS, R&D tax credits
FSTIB/UKTI team
Crowdfunding ISA
Bad debt relief for crowdfunding
Fintech futures report
FCA Innovation hub, Regulatory Sandbox
Bitcoin & Blockchain
London Fintech: From Nought to Sixty, Taipei, 11 July

10. More ways UK Government supports the industry
Bad debt relief for crowdfunding – level playing field with banks
Innovative Finance ISA
Chief Scientific Advisor to the Government reports
Fintech Futures – March 2015
Beyond Blockchain – January 2016
Specialist Support at UK Trade and Investment
Its worth spending a minute on regulation. Traditionally tech investors avoided heavily regulated industries. They said Regulation distorts competition and discourage new entrants and generally adds risk to any investment.
But it can be key enabler of Innovation
Regulation done right will protect consumers, and Promote competition, transparency and fairness
PSR for example outlined measures to improve both direct and indirect access to payment systems, which should benefit smaller, innovative payment service providers and ultimately the end users of payments, thats all of us.
What the government has done to support the sector
EIS/SEIS, R&D tax credits
FSTIB/UKTI team
Crowdfunding ISA
Bad debt relief for crowdfunding
Fintech futures report
FCA Innovation hub, Regulatory Sandbox
Bitcoin & Blockchain
London Fintech: From Nought to Sixty, Taipei, 11 July

11. What else are we looking at?
Long term financial planning with rising life expectancy
Financial literacy
Effective benefits distribution at home and foreign aid overseas
Trade Finance
Government to government information sharing
Fintech futures
Long term financial planning with rising life expectancy
Financial Literacy
Block chain applications in government
Effective benefits distribution, including the unbanked
Foreign aid to the most needed cutting corruption
Diamond registration – blood diamonds, money laundering and terrorism financing
Helping emerging countries leapfrog direct into digital banking avoiding some if the problems we had to deal with
London Fintech: From Nought to Sixty, Taipei, 11 July

12. Global Perspective The industry is maturing, that’s a good thing
Fintechs further developing their products. SoFi launching a hedge fund to invest in its loans?
Despite recent hiccups at Lending Club and Zenefits –
Specialisation – Insure-tech, Invest-tech, Reg-tech, Pay-tech etc.
London Fintech: From Nought to Sixty, Taipei, 11 July

13. Feb 2014– ‘Silicon Valley wants eat our lunch’ - http://blogs. wsj
April 2015 – ‘Silicon Valley is Coming…’ -
March 2016 – ‘I like our hand’ -
Feb – ‘Silicon Valley wants eat our lunch’ -
April – ‘Silicon Valley is Coming…’ -
March – ‘I like our hand’ -
BBVA acquiring Simple in the US and investing in Holvi and Atom in Europe
London Fintech: From Nought to Sixty, Taipei, 11 July

14. Consumers, digitally active December 2015
15.5% of digitally active consumers currently use financial technology products
Payment services are the most popular product offering
Users are younger, wealthier and increasingly urban
London Fintech: From Nought to Sixty, Taipei, 11 July

15. The bottom line – it is about a diverse and vibrant and international (yes including Swedes) community of stakeholders techies financial experts investors and regulators that is really enjoys taking the industry forward. A few of which will show you the exciting products they are bringing to market right after me.
London Fintech: From Nought to Sixty, Taipei, 11 July

16. London Fintech: From Nought to Sixty, Taipei, 11 July 2016, @ShaulDavidUK

17. Thank You!
London Fintech: From Nought to Sixty, Taipei, 11 July