Global Government Fintech Lab 2023: Ezechi Britton fireside chat
Fireside chat: Ezechi Britton discusses CFITs priorities, the potential of ‘fintech for government’ – and more – with Ian Hall, Global Government Fintech editor.
Introduction
Our CEO Ezechi Britton MBE recently joined Ian Hall for a fireside chat at the Global Government Fintech Lab 2023 in Dublin.
Read the summary below to learn more about the array of topics they discussed including:
- CFIT’s coalition approach
- Open finance in focus
- ‘Helicopter view’ of innovation
- Government procurement’s role
Most interesting of all, discover, if Ezechi (Ez) had (just) one pound to invest in one of fintech’s growing number of sub-sectors, where would he invest?
Read the full article: UK fintech’s centre forward: a fireside chat with Ezechi Britton
Video summary
CFIT is at the forefront of leading the world in financial innovation. As an initiative established following the Fintech Strategic Review, led by Sir Ron Kalifa OBE, we recognize the importance of addressing challenges and seizing opportunities in finance, innovation and technology to maintain the UK’s position as a global leader.
With £5.5 million ($6.84 million) in seed funding from HM Treasury and the City of London Corporation, we are ready to embark on our mission. Our approach is collaborative, bringing together industry players, policymakers, investors, and academics to form coalitions that tackle specific challenges within time-bound periods of six to nine months.
Our first coalition, starting this June, is focused on exploring Open Finance and its potential benefits for small- and medium-sized enterprises (SMEs) and consumers. We aim to identify use cases related to vulnerability, consumer awareness, credit records, and access to finance for SMEs. Through surveys, workshops, and roadshows, we will engage key stakeholders and refine these use cases to drive tangible outcomes.
We are committed to being inclusive and not solely centred around London. We will work with regions across the UK to establish financial innovation hubs in partnership with Bruntwood SciTech. Additionally, collaboration with universities will enable us to create a “placement pipeline” between academia and real-world fintech jobs, nurturing talent and driving innovation.
While we provide the framework and support for the coalitions, we believe in industry players driving the outcomes. Our focus is on creating an equal playing field through regulations, allowing innovators to showcase their solutions and compete based on the level of their innovation.
Beyond financial support, we recognize the importance of government procurement in helping fintech startups succeed. By securing government contracts, these companies can demonstrate revenue generation and attract further investments, while government operations can benefit from innovative solutions.
“If you can get a sale into governments, wow, the investors are going to love you” – Ezechi Britton MBE
During the fireside chat, Ez also expressed interest in the potential of artificial intelligence (AI) and large language models (LLMs) in the fintech sector. He believes that LLMs and chatbots have the capacity to understand human intent, allowing us to develop solutions that cater to people’s wants rather than solely focusing on what they need to know.
In conclusion, CFIT and its coalitions are driving fintech innovation in the UK. By addressing challenges, fostering collaboration, and involving government agencies, we are determined to secure the UK’s position as a global fintech leader. We invite industry players and stakeholders to join us in this exciting journey of innovation and transformation.
