Industry leaders discuss investment, skills, innovation and scaling businesses in Wales with the Cabinet Minister for Enterprise, Connectivity and Energy
Leaders from across Wales’ fintech and financial services sector sat down with Adam Price MS, Cabinet Minister for Enterprise, Connectivity and Energy, to discuss the opportunities and challenges facing businesses across the sectors, and what’s needed to support future growth.
The roundtable, hosted by FinTech Wales on 1st October, included representatives from companies across Wales, including Admiral, Burbank, Collections Cloud, Driverly, Final Rentals, Hodge Bank, Menna, Final Rentals, IE Hub, Principality, Valart, Vodafone Business and many more.
The event provided an opportunity for attendees to engage directly with the Cabinet Minister and share their perspectives on how industry and government can work together to help fintech businesses start, grow and scale in Wales, and strengthen Wales’ reputation as a destination for fintech and financial services.
The Minister kicked off the discussion by recognising that Wales has sat at the wrong end of the global economic table for a long time and that the Welsh Government’s aim is to close the gap between productivity in Wales and the rest of the UK. The conversation was then structured around three main areas – access to capital, talent and how businesses can grow beyond Wales, on a global platform.
During the discussion, attendees highlighted:
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Wales has a risk-averse culture, and this is something that needs to be tackled head on. One attendee suggested that Wales need to create a “sandbox for companies to develop genuinely innovative products and services” while another attendee referenced Silicon Valley and how Wales needs an injection of that risk culture, saying “you only learn to walk by falling over.”
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Some of Wales’ greatest success stories were discussed, with reference to Admiral and the insurance expertise and talent that has been created, uniquely in Wales. It was acknowledged that the nation should try to focus on those strengths as this will help it stand on a global stage. Several attendees warned against chasing generic trends without identifying specific subsegments where Wales can lead.
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The pressures facing small businesses – i.e. corporate tax, NI and PAYE – are stifling growth and businesses need to be incentivised to grow in Wales.
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When the conversation turned to skills, many around the table said that the skills system in Wales needs to be employer-led, not supply-driven. Several skills shortages were highlighted as part of a skills audit.
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The minister then closed the discussion by acknowledging that Wales’ rich culture, talent and strong spirit of collaboration make it an attractive place to build a business. He stressed that everyone has a part to play and that Wales needs to be more agile, adding that the new development agency welcomes industry input.
Sarah Jones, CEO at FinTech Wales, said:
“Wales has built a thriving fintech and financial services ecosystem, but today’s discussion was about what we need to do next to unlock further potential.
“It was an open and constructive conversation about what businesses need to start, scale and succeed here. One of the clearest messages from around the table was the need to create easier access to funding and remove some of the red tape that prevent companies being able to move swiftly in their respective markets.
“The opportunity for Wales is significant. The challenge now is ensuring that industry and government continue to work together, there were some clear actions to take away and the onus is now on us to make these happen and support the continued development of Wales’ fintech ecosystem.”
Adam Price MS, Cabinet Minister for Enterprise, Connectivity and Energy, said:
“Fintech is transforming how individuals and businesses access financial services. While rapid change creates challenges, the Welsh Government is committed to supporting innovation and strengthening cybersecurity across the sector.
“The Welsh Government will continue to listen to the sector, work with partners and promote Wales’s strengths at home and internationally. Our aim is clear: to enable innovative companies to grow with confidence, retain talented people in Wales and ensure that technological progress delivers broad economic and social benefit.”
Matt Wintle, Talent and Capability Director at Admiral Group Plc, said:
“We were pleased to welcome Adam Price MS, FinTech Wales and representatives from businesses across Wales to Tŷ Admiral. I’d like to thank everyone who took part and contributed so openly to the conversation.
“Collaboration and learning from each other’s experiences and expertise is incredibly valuable. By bringing industry and government together, we can better understand what’s needed to attract the right skills and investment, and support a strong environment for businesses to grow.”
More information about the day and other Fintech Wales’ events can be found here: ww.fintechwales.org.