The Fintech Industry Needs To Be High On The Business Agenda For London's Mayor

7 years ago

Sadiq Khan needs to promote London's Fintech industry more, according to industry experts Trusek.

The calls come after a list of 23 technology startups, due to join the Mayor of London on a visit to the USA, was released.

Steven Hatton, Co Founder and Director of Trusek, said: "Mayor Khan will be taking 23 technology companies, only 2 of which are related to the Financial Services industry.

"Given that the Deputy Mayor of London for Business is Fintech entrepreneur Rajesh Agrawal, the industry would expect to see a much more Fintech-friendly start to his term of office."

The delegation, which will include Deputy Mayor Agrawal, Sadiq Khan and these 23 startups, will travel between Chicago and New York, with the aim of securing more investment, expansion and export opportunities in the United States.

The US has been highlighted by the mayor's promotional company, London & Partners, as Britain's most valuable trading partner.

Indeed, figures revealed for April of this year found that the US accounted for £4.4bn of UK exports.

It is believed that almost 600 US firms entered the City over the decade prior to 2015, resulting in over 16,000 jobs being created.

But the City has been hit by Brexit, and data revealed recently shows that London tech firms have received over $500m since the vote ‪on 23 June‬ to plug possible gaps.

Mr Hatton said: "The vote to leave the EU has cast doubt into the UK's financial services industry.

We need proactive policies from all of our elected officials that will ensure the industry thrives through Brexit."

The trade mission shows a continuation in policies from Boris Johnson's mayoralty, which included an International Business Programme.

The aim of the programme, which began in February, is to drive global growth for 800 London SMEs over the next three years.

Mr Hatton added: "The visit will take place next month, and I hope that the Mayor will seek more representation from the FinTech industry before the visit."

Notes to Editor:

• For Media comment and interviews contact Steven Hatton on 07515795600 or email steven.hatton@trusek.com

• For more information about Trusek visit www.trusek.com

About Trusek Limited

We are a 10 strong UK-based team of engineers and technology specialists with a 12 year track record of developing and delivering software and technology to the Fintech and Payments sectors. We have worked with some of the most exciting start-ups to deliver new kinds of challenger financial technology. We deliver a flexible, collaborative approach which creates the right technology solution to support financial business via a flexible, modular SaaS-enabled application platform. It gives you access to a proven suite of modern banking and financial services technology at a fraction of the cost, and in a fraction of the time it takes to create an in-house solution. Trusek modular software and platform infrastructure is used by marketplaces, lenders, banks, bank-tech providers, e-money companies, remitters/forex brokers, charities and communities – it can provide a major boost for any organisation that needs to accept, manage and send value. It enables them to scale up from today’s needs with a rich functionality that supports: Payments Received – from multiple inbound sources Payments Management – multiple currency; reconciliation and reporting; interfaces, card to card transfer Payments Out – payroll; foreign exchange settlement; bank transfer capability Third-party integrations – acquirers, processors, compliance This allows customers to create and manage propositions that accept and make payments including: e-Wallets and current, deposit, credit accounts Full loan facility including managing multiple products and lending sources International value transfer Payroll management Funds disbursal Prepaid and other cards and vouchers