Mayor of London Boris Johnson Celebrates London's Position as a World Leader in Financial Technology

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LONDON, November 28, 2014 /PRN=KYODO JBN/ --

     The Mayor of London has announced new research which indicates that London

is a world leader in financial technology (FinTech). He revealed the figures

while attending an event in Singapore to showcase London's FinTech sector as

part of a six day trade mission to the Far East to create jobs, growth and

promote London.

     (Photo: http://photos.prnewswire.com/prnh/20141128/718318 )

    The data compiled by London & Partners, the Mayor's promotional company,

show a record amount of venture capital investment is being made into

London-based FinTech firms. So far this year companies have attracted more than

US$539 million - triple the amount raised in 2013 - and an amount representing

more than half of all FinTech investment across Europe.

    Further research commissioned by London & Partners shows that more than

half (56 per cent) of senior executives and above surveyed in Britain's

financial services believe London is best placed globally to lead FinTech

innovation, ahead of New York (3 per cent), Hong Kong (4 per cent) and San

Francisco (8 per cent), with London's position as a global trading hub cited as

the key reason by those who thought the capital is best placed (85 per cent),

followed by the close proximity of financial and technology businesses in

London (62 per cent).

    The Mayor of London, Boris Johnson, said: "London has always been at the

forefront of financial innovation and now our financiers are leading another

global revolution, this time driven by technological innovations that are

changing the way the world does business, creating new jobs and economic growth

both in the UK, and in the other financial centres of the world."

    The UK FinTech market is currently worth GBP20 billion in annual revenue

and growing according to EY, and London is now the world's largest centre for

financial technology, with 44,000 people working in the sector - more than both

Silicon Valley and New York, according to research by South Mountain Economics.

    Claire Cockerton, CEO of Innovate Finance -the UK trade-body representing

the FinTech sector - and technology ambassador for the Mayor of London, said:

"The increased investment in Britain's FinTech community is fostering

innovations that are shaping the future of the global financial services

industry. The best talent in the world is being drawn to this rich landscape

and setting up FinTech startups that are investment-ready and have high growth

potential."

    Notes to Editors

    Images from the FinTech event in Singapore and a video showcasing London

FinTech can be downloaded from 8am GMT here

[https://www.dropbox.com/sh/93koa6js14ibbcb/AAC4N-x2nVxaRkile9dI8Wxea?dl=0 ].

    Full details of the research quoted here can be found here

[http://www.londonandpartners.com/media-centre/press-releases/2014/141127-mayor-of-london-boris-johnson-celebrates-london-as-the-world-leader-in-financial-technology ].

SOURCE: London & Partners