Moburst

CBI to launch campaign to help non-financial firms cash in on fintech

Tim Green

CBI president Lord Bilimoria

The Confederation of British Industry (CBI) has launched a campaign to encourage businesses to embrace fintech, which it says represents a '£32bn revenue opportunity'. Its Winning with Fintech initiative will help non-financial firms in particular in areas such as opening up new markets, improving payment flows and transitioning to net zero.

CBI president Lord Bilimoria will unveil the campaign at an evening reception at Crypts at Guildhall, City of London. He is expected to say: "Businesses need all the support they can get at present. Slow growth post-pandemic and supply chain struggles have been exacerbated by the terrible conflict in Ukraine.

"What firms need are fair winds and following seas, with fintech featuring a flotilla of benefits, making global trade smoother, payments easier and sustainability better."

The CBI has identified the fintech sector as a key opportunity for the UK, with a potential £32bn additional revenues on offer by 2030. Statistics from Innovate Finance show in 2021 $11.6bn was invested in UK fintech businesses, a 217 percent increase from 2020.