Centre for Finance, Innovation and Technology

Leading the world in financial innovation

[Centre for Finance, Innovation and Technology @CFIT_UK]

Over 1.2 million incidents of fraud were committed in the UK in 2023 – equivalent to nearly two fraudulent acts every minute, according to ONS data.

Today, we publish our blueprint report for fighting economic crime through the introduction of Digital Company ID, which has the potential to revolutionise business in the UK by improving efficiency, security and trust, while saving billions of pounds lost every year to financial crime.

We are grateful for the invaluable support of our coalition partners in delivering these impactful findings.

Find the full blueprint here: https://t.co/LmsemBdG1C

#EconomicCrime #FraudPrevention #UKFintech

[Centre for Finance, Innovation and Technology @CFIT_UK]

With UK SMEs missing out on an estimated £5 billion in potential credit each year, a new study of 24,000 declined loan applications has found that 65% of businesses had issues that could be easily addressed.

CFIT coalition partner FXE is testing a Funding Health Checker, which provides SMEs with a simple, objective look at how lenders assess creditworthiness. The Checker also recommends steps to improve their chances of loan approval.

In pilot tests of the Checker, 80% of SMEs reported a better understanding of their financial health, and 85% planned to take the suggested actions.

Read the full announcement here: https://t.co/0wEXiLBA7s

#CFIT #SMELending #Innovation #DigitalTools

[Centre for Finance, Innovation and Technology @CFIT_UK]

We're pleased to announce the launch of the CFIT-led Open Property Coalition, a key step in transforming and improving the UK homebuying process. Backed by @biztradegovuk, @mhclg, @HMLandRegistry and more, this coalition will harmonise and accelerate the digitisation of the property market.

Key aims include:

🔨Building on industry research

🗺Developing an Open Banking-style roadmap for homebuying

💡Look to create a smart data solution

Thank you to all our partners for their support!

🔗 Learn more: https://t.co/kaqkIxkfN1
#OpenProperty #PropTech #Homebuying #DigitalTransformation

[Centre for Finance, Innovation and Technology @CFIT_UK]

Our Head of Corporate and Regulatory Affairs, Nicole Sandler, recently shared her insights with @WhichUK Magazine, on what it will take to make Smart Data work for consumers in financial services.

🔑 For Smart Data to thrive, it must be built on a foundation of trust. One essential part of this is Digital ID – a secure, scalable and interoperable way to verify identities online. While Open Banking has been successful without Digital ID, the next generation of Smart Data must prioritise verified identity to reach its full potential.

🔗Read the full article the learn more: https://t.co/9J5GpcENBW

[Centre for Finance, Innovation and Technology @CFIT_UK]

🚀 The recent publication of the UK’s Modern Industrial Strategy marks an important step in setting the direction for economic growth.

While the Financial Services sector plan is expected in mid-July alongside the Chancellor's Mansion House speech, the sectoral plans released this week show promising progress for the fintech ecosystem.

CFIT welcomes initiatives that support innovation and business growth across sectors, and we’re encouraged by the Government’s commitment to:

📈 Allocating £4bn through the British Business Bank to support high-growth firms in priority sectors.

📊Treat UK data as an economic asset by enabling high-quality data use across sectors and expanding Smart Data initiatives.

💡 Establishing AI Growth Zones to drive regional innovation and build infrastructure for AI-driven businesses.

🏠 Recognising emerging digital fields such as PropTech and their growing role in the UK’s digital economy.

At CFIT, we remain committed to working collaboratively to unlock innovation, drive growth and position financial services at the heart of the UK’s economic future.

#Fintech #IndustrialStrategy #Innovation #FinancialServices

[Centre for Finance, Innovation and Technology @CFIT_UK]

Yesterday marked a pivotal moment for the UK’s Smart Data ambitions as the Data (Use and Access) Bill received Royal Assent.

At CFIT, we have long championed for the power of data to unlock new opportunities across financial services. A key recommendation from our SME Finance Taskforce last August was that prioritising the Data (Use and Access) Bill would unlock the potential to boost SMEs contributions to employment, GDP and tax revenues.

This legislation represents a major milestone in laying the foundations for a Smart Data economy which enables cross-sectoral data sharing, meaning better opportunities for consumers, SMEs, and innovators. The Bill also enables digital IDs to be used with the same confidence as using physical and paper IDs.

Through our cross-sector coalitions, we’ve seen firsthand how Open Finance and Digital Verification can deliver tangible benefits, from more secure financial tools to improved access and inclusion across the financial ecosystem.

We look forward to continuing our work alongside government, regulators, and industry to make Smart Data a cornerstone of the UK’s digital economy.

🔗Read more about the Data (Use and Access) Bill here: https://t.co/L0LNns7guL

#SmartData #OpenFinance #DigitalVerification #FinTech #CFIT

[Centre for Finance, Innovation and Technology @CFIT_UK]

Our Head of Corporate and Regulatory Affairs, Nicole Sandler, recently wrote for @LBC about the growing threat of financial fraud, and why the Digital Company ID must become one of the UK’s first lines of defence.

Fraud now accounts for over 40% of all crime in England and Wales. With organised criminal networks and hostile state actors exploiting outdated digital infrastructure, the threat to our financial system is becoming systemic.

As Nicole explains, only technology can deliver the secure, interoperable tools we need to fight back. Financial institutions are already spending over £34.2 billion annually on compliance, yet without better technology, they are still struggling to detect and prevent fraud swiftly enough. That’s why CFIT is leading a cross-industry coalition to develop a Digital Company ID, a secure, scalable, interoperable way to give every business a unique and verified digital identity.

To make Digital Company ID a reality, we need government leadership, cross-industry coordination, and a clear policy framework to enable secure data sharing and accelerate adoption. This is not just a fintech upgrade- it’s a critical line of defence for the UK’s economic integrity.

🔗 Read the full article here: https://t.co/JZmlNYUkl3

[Centre for Finance, Innovation and Technology @CFIT_UK]

🚀 Two major milestones for financial innovation in the UK 🚀

As announced at @LDNTechWeek, @TheFCA has teamed up with @nvidia to launch the Supercharged Sandbox, helping firms experiment safely with AI to support innovation. This collaboration is a prime example of regulators and industry coming together to set the stage for future breakthroughs, embracing emerging technology, and setting new standards to harness technological advances. We look forward to continuing to collaborate with the FCA, including Colin Payne's innovation team, to drive forward responsible innovation.

Today’s passing of the Data (Use and Access) Bill also highlights an important step for Open Finance and secure data sharing across industries, and for digital verification trust frameworks. Building on our ongoing work around Open Finance and enabling secure, smart data sharing across sectors, and digital verification, the bill provides the UK the legal foundation and opens the door to unlocking the full potential of shared, trustworthy data, which means better opportunities for consumers, SMEs, and innovators.

CFIT is committed to harnessing moments like these, bringing together the government, regulators and industry to build a more open, resilient and inclusive financial ecosystem. These milestones are a timely reminder that collaboration is essential to unlocking the full potential of UK financial innovation.

Read more about the Data (Use and Access) Bill and CFIT’s Open Finance efforts in @Finextra's latest article 👇

https://t.co/link3xalka

[Point Zero Forum @pointzeroforum]

At #PZF2025, leaders from BIS, MAS, Bank Negara, CFIT & Mastercard shared bold ideas to fight financial crime: smarter data, digital ID, and cross-border action, all while advancing inclusion.

📌 Stay in the loop for #PZF2026: https://t.co/9qcdRhBwct

[Digital Startup @digitalstartup5]

Nicole Sandler of the Centre for Finance, Innovation and Technology (CFIT) talks about how the regulatory framework is like a puzzle and needs to be refreshed #pzf2025 #regulation #innovation

[Centre for Finance, Innovation and Technology @CFIT_UK]

We have launched three new industry-led working groups that are driving the next phase of CFIT’s mission to fight economic crime through digital verification.

Swipe below to find out what some of our working group members had to say. 👉

#DigitalCompanyID #Innovation #EconomicCrime #FinancialServices

[Centre for Finance, Innovation and Technology @CFIT_UK]

We are thrilled that our Chair, Charlotte Crosswell OBE @ccrosswell, has been named one of the Top 100 Women in FinTech 2025 by @FinTechMagazine!

In celebration of Women’s History Month, the list honours women who are driving innovation, reshaping the fintech landscape and making an impact on the global ecosystem.

As Louis Thompsett, Editor of FinTech Magazine, notes, despite progress, women remain underrepresented in financial leadership and investment, resulting in a missed opportunity for talent and innovation. Celebrating these outstanding women marks a step forward, and we look forward to supporting continued progress across the industry.

Congratulations to all the other incredible women who made the list!

#Top100 #WomeninFinTech #Innovation #FinTech

[FinTech Magazine @FinTechMagazine]

🚨 OUT NOW: Top 100 Women in FinTech 2025 🚨 Celebrating the trailblazers reshaping finance this #WomensHistoryMonth. From execs to rising stars, meet the women leading FinTech forward.

➡️ View the full list now: https://t.co/Y2qQseCj1c

#Top100 #WomeninFinTech #Leaders

[Centre for Finance, Innovation and Technology @CFIT_UK]

Over the last two days, the Financial Conduct Authority @TheFCA Open Finance Sprint has brought together industry leaders, policymakers, innovators, academics, consumer representatives and field experts, including CFIT’s own Rob Haslingden, Head of Impact Assessment & Engagement and Teresa Lam, Head of Programmes and Policy, to consider the next steps needed to accelerate Open Finance.  In addition, our chair Charlotte Crosswell OBE @ccrosswell is a judge at the event!

The Sprint explored a number of themes, including:

📈Enabling better financial wellbeing through optimised credit data driven decisions and debt management

💡Leveraging data to empower better personal financial choices and growth

🤝Building consumer resilience for better financial choices to prepare for important life events

The collaboration and insights generated from the Sprint form a vital part of the ongoing effort to shape the future regulatory and technological framework for Open Finance, a key theme in the Financial Conduct Authority's 5-year Strategy launched earlier this week. Furthermore, it plays an important role in the transition to a Smart Data economy. We look forward to continuing to collaborate with the Financial Conduct Authority and support this effort!

#OpenFinance #FinancialServices #FinTech #Collaboration #SmartData

[Centre for Finance, Innovation and Technology @CFIT_UK]

Digital Company ID has the potential to revolutionise business in the UK by improving efficiency, security and trust, while also saving billions of pounds every year in lost revenue.

At the beginning of this month, we hosted a coalition showcase to celebrate the release of our blueprint report which demonstrated how Digital Company ID can help fight economic crime and unlock new opportunities for businesses including SMEs.  Further, the report contained seven actionable recommendations to help bring a Digital Company ID to life.

Watch the highlights video below 👇

#EconomicCrime #DigitalVerification #CFITShowcase #Innovation

[Centre for Finance, Innovation and Technology @CFIT_UK]

Our Chair, Charlotte Crosswell OBE @ccrosswell, was recently featured as an advocate for fintech founders in the Founders Unfiltered 2025 report, produced by Sam Shaw and Ninety Two Ventures.

The report offers valuable insights into the unique and challenging journey that is founding a start-up, with key takeaways including:

💡UK fintech founders continue to drive innovation, despite funding and regulatory challenges.
🔍The ongoing need for talent and upskilling in fintech to maintain global competitiveness.
📈 The regulatory landscape needs to evolve to support the growth of fintech while ensuring security and stability.

At CFIT, we're committed to making the UK a world-leading market not just for financial innovation start-ups but for scale-ups too. As Charlotte highlighted in the report, the UK’s fintech ecosystem thrives thanks to the resilience, creativity, and ambition of entrepreneurs navigating challenges like funding, regulation and talent.

CFIT’s mission to convene policymakers, academia and industry is key to making the UK a global hub for both startups and scaleups.

Read the full report here: https://t.co/MDD0rYYRrG

#UKFintech #FinancialServices #Startups #FoundersUnfiltered

[Centre for Finance, Innovation and Technology @CFIT_UK]

And that’s a wrap on our Fighting Economic Crime Through Digital Verification Showcase!

We’ve heard some great insights from our panellists on how Digital Company ID can boost economic growth, and delved into the role of policy, regulation and smart data in this space.

Thanks to everyone who came along and made the showcase so exciting and interesting!

@hmtreasury @MastercardUK @NatWestGroup @monzo @LBGplc @sageuk

#EconomicCrime #FraudPrevention #UKFintech #CFITShowcase2025

[Centre for Finance, Innovation and Technology @CFIT_UK]

🌟 The Fighting Economic Crime Through Digital Verification showcase is in full swing! 🌟

It’s a privilege to have Emma Reynolds MP, @EmmaforWycombe Economic Secretary to the @hmtreasury, give a keynote address at our coalition showcase.

As Emma highlighted, CFIT serves as a powerful example of public-private collaboration, and we’re grateful to all our partners for their invaluable contributions.

#EconomicCrime #FraudPrevention #UKFintech #CFITShowcase2025

[Centre for Finance, Innovation and Technology @CFIT_UK]

Today, we’ve gathered at the @Mastercard building in London to present the work of our second coalition, which has been exploring the potential for Digital Company ID to counter the effects of economic crime and fraud.

With an impressive line-up of speakers including Emma Reynolds MP @EmmaforWycombe, Economic Secretary at the @hmtreasury, alongside industry experts and engaging panel sessions led by our Chair, @Charlotte Crosswell OBE @ccrosswell and Director of coalitions & research, Leon Ifayemi, it’s set to be an insightful afternoon.

Watch this space for further updates as the day progresses!

#EconomicCrime #FraudPrevention #UKFintech #CFITShowcase2025