Thousands of international fintechs are set to enter the UK this year to help revolutionise UK financial institutions, despite ongoing restrictions on travel and business activities.
TISAtech, a digital market network connecting established financial services firms with FinTechs launched by The Investing and Saving Alliance, has built a ‘digital home’ for international firms looking to enter the UK market.
This has been created in partnership with The Disruption House, a specialist benchmarking and data analytics business, and already has 2,500 international FinTechs in the database wanting to collaborate with UK financial services.
Financial institutions, especially banks, insurers and wealth and asset managers, are seeking innovative technologies to help digitise operations, accelerate cost efficiencies and generate new revenues. Usually, the industry collaborates with fintechs from across the globe to provide the solutions but travel bans, quarantine and working from home have disrupted traditional methods of generating business connections and partnerships, such as event and conference attendance.
TISAtech has created a ‘tech bridge’ to break down the barriers posed by Covid-19 restrictions. The platform digitally facilitates the partnering and adoption of transformational digital solutions by providing a matchmaking service between financial services firms and third party technology solutions. Fintechs on the platform are assessed by The Disruption House. They are reviewed in a consistent and accessible manner and profiled via a scorecard with information relating to capabilities, personnel, maturity, and risks.
This makes it quicker and easier for financial institutions to identify, compare and engage with relevant FinTechs, reducing due diligence and accelerating adoption and implementation timelines. Innovations to financial services result in better products and services for consumers.
Alongside the matchmaking service, the ‘digital home’ which is known as the UK Scale-Up initiative will offer international FinTechs advice on trading in the UK and will provide a support infrastructure making TISAtech an essential partner for FinTechs seeking to build profile and increase market engagement. The UK is a global financial hub and a leading centre of fintech. It is seen as the number one target for FinTechs after they have proved successful in their domestic markets.
Gary Bond, CEO of TISAtech, says: “Ongoing disruptions from the pandemic should not prevent growing FinTechs from international expansion and market engagement. You can’t get on a plane at the moment nor can you physically attend meetings and conferences to grow business connections, but you can get on our digital market network which puts you right in front of the right firms. The UK Scale-Up Initiative is a way to become part of a digital community which is a low risk, low cost, low carbon engagement strategy with a high-profile upside at a fraction of the cost of a typical industry event presence.
“For time-poor financial institutions, we understand the importance of innovation. This network has been designed to help the industry source, implement and manage technology solutions. Our aim is to make the UK financial services industry the most pioneering in the world, which ultimately enhances competition and consumer financial wellbeing.”
David Dalton-Brown, CEO of TISA, says: “The UK continues to be a global financial hub and we’re seeing further incredible innovations thanks to a growing FinTech industry across the world. TISAtech facilitates and accelerates powerful partnerships between our members and exciting, scale up FinTechs. We’re also pleased to see that the government is continuing to recognise the importance of this market, as it is expected a fast track visa will be introduced for technology professionals to live and work in the UK.”
