DESCRIPTION OF SECTOR
FinTech’ combines technology and finance to change the traditional way financial services are run. FinTech is changing the way firms operate and transforming the way we transfer, borrow, protect, and manage our money. The UK is a financial capital of the world, and it is also a leading FinTech capital, with increasing FinTech activity across the financial sector. Small start-ups, and innovation within existing large financial services firms, is creating jobs and attracting investment. Research for the UK suggests that the sector has now grown from its disruptive roots into an industry which in 2015 generated £6.6bn in revenue and employed 61,000 people.
Wales has the fastest growing digital economy outside of London, and the growth of the financial and professional sector in Wales has led to a thriving FinTech industry. Across the region, companies such as Admiral are among the region’s largest employers. The Welsh FinTech scene is now one of the most active in the UK thanks to its innovative talent pool and growing investment opportunities. Wales’ thriving tech ecosystem, with its growing supply chain and entrepreneurial universities, provides a firm foundation for FinTech to thrive.
KEY JOB ROLES
Key job roles within the sector include:
• Programmers and Software Development Professionals
• Web Design and Development Professionals
• Cyber Security Engineer
• Database Engineers
• Server Engineer
• AI and Machine Learning Specialist
• Data Scientist
• Full Stack Developer
SECTOR CHALLENGES AND OPPORTUNITES
The CCRSP FinTech Cluster group identified the following opportunities & challenges for the CCRSP Employment & Skills Plan 2022-2025.
• Enhance skills and talent pipelines and build on approaches to careers education, information, advice and guidance to promote the sector as a viable career.
• Explore the potential development of high quality work experience placements in partnership with employers and key stakeholders.
• Further develop Academies and Bootcamp provision and align to the needs of the FinTech sector.
• Work to ensure that Apprenticeship Frameworks reflect the needs of the sector and further explore opportunities through both Shared and Degree Apprenticeships.
• Embrace opportunities for FE skills competitions and explore potential engagement as part of the World Skills UK agenda.
• Work with regional HEIs to develop fit for purpose provision and better align to the needs of FinTech employers.
• Work with Welsh Government to ensure funded support for training is aligned to the needs of the sector.
• Capitalise on opportunities presented through the UK Government Levelling Up agenda, and the Shared Prosperity Fund (SPF)
CLUSTER MEMBERS
FinTech Wales
Deloitte
Principality
Active Quote
Coin cover
Sonovate
Confused.com
Delio
Pepper money
Admiral
