The West Midlands has emerged as one of the three primary FinTech hubs in the United Kingdom, as indicated in a recent report. This report reveals that the FinTech sector in the region is responsible for sustaining over 11,000 jobs.
SuperTech, the UK’s exclusive tech supercluster based in the West Midlands, commissioned the Impact Report. The report also sheds light on how Birmingham and the surrounding FinTech enterprises have contributed £474 million to the region’s economic output and are poised to reach the impressive milestone of £1 billion.
The region’s higher education institutions play a pivotal role in driving this economic growth. They are instrumental not only in fostering skill development and attracting global talent but also in conducting cutting-edge research and collaborating with businesses to ensure the continuous expansion of this thriving FinTech ecosystem.
One notable higher education partner in this endeavor is the Gillmore Centre for Financial Technology at Warwick Business School. This research body is actively assisting SuperTech in nurturing the FinTech sector by facilitating connections between businesses and educational courses, thereby enticing top talent to the region.
Matt Hanmer, Honorary Research Fellow at the Gillmore Centre, said: “SuperTech’s Impact Report shows how important the burgeoning FinTech sector is to the region. We will support this growth with our research and developing the next generation of workers through our courses.
“The Gillmore Centre is committed to working in partnership with business in the region to both inform and deliver our research, and when we do that, we bring the reach of the global research community as an asset to developing Fintech in Birmingham and West Midlands.
“In the creation of all successful tech clusters, higher education is critical in their development and the Gillmore Centre supports this with a range of exciting projects, including the creation of a GillmoreAI and a Crypto Index to help the region’s FinTech businesses.”
The report was made with the aims to bring together the FinTech sector in the region, highlighting it as a thriving centre of innovation with the potential to enhance productivity, drive even more inward investment, and foster a skills revolution.
Hilary Smyth-Allen, Executive Lead for SuperTech, added: “The headlines about the future of our economy are dominated by technology. Just like the first industrial revolution, it’s been taking shape in Birmingham.
“The opportunity for next generation services has its foundations in a place which made its name through innovation and disruption. We are at the crossroads of assets and talent.
“Over the last two years, we have radically reshaped the inward investment story around ProfTech, helping to bring new businesses into the region from around the world.
“But if we don’t nurture this cluster, capital will go elsewhere in a flash. We need to supercharge ideas and talent with investment.”
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