EXPORTS Minister Marcus Fysh has met with senior bosses of Revolut as part of the Government's work to support financial technology (fintech) firms.
Mr Fysh, who is the Member of Parliament for Yeovil, was appointed to the Department for International Trade last month.
The minister visited Revolut's Canary Wharf headquarters on Tuesday, October 18.
Revolut operates a mobile phone application that helps people track their finances with “easy payments, spending and investing”.
Mr Fysh discussed how the International Fintech Group, co-chaired by the Department for International Trade, is working to secure the UK's position as a global fintech hub.
He also spoke about upcoming free trade agreements with key markets for financial technologies, including The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and India.
These agreements aim to ease UK businesspeople's work in CPTPP member countries and India and facilitate digital trade.
Mr Fysh said: “The UK is a services superpower and a global leader in the fintech sector.
“Businesses like Revolut highlight the passion, innovation and technical ingenuity at the heart of our fintech industry.
“It was great to see this work in person and it is crucial government continues to back this important sector.
“We continue to work hard to cut market access barriers and back our great tech unicorns to export their brilliant services around the world, supporting investment, jobs and growth across the UK.”
André Silva, head of international expansion at Revolut, said: “Building a truly global financial super app certainly has its challenges, but I'm incredibly proud that with the strong support of the UK's Department of International Trade, Revolut has made it into 39 countries in just seven years. Our global expansion continues.”
The UK secured 11 per cent of all global investments into the fintech sector last year, second only to the United States.
The sector contributes an estimated £11 billion and over 76,000 jobs to the UK economy, and financial services exports account for 10 per cent of UK exports.
Mr Fysh's visit to Revolut followed his first international trip as Exports Minister to Thailand, where he joined a delegation of 18 British companies to “showcase innovative methods of delivering quality education”.
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