Centre for Finance, Innovation and Technology (CFIT)

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. We’ve been working towards a way to reduce these high levels of fraud, which are currently costing the UK economy £6.8 billion annually, stifling growth by burdening businesses, especially SMEs, with unnecessary costs and red tape. Today, we publish our blueprint 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 every year in lost revenue. The report outlines seven key recommendations for Government, regulators and the wider financial sector. These steps will unlock the full potential of Digital Company ID, driving economic growth and safeguarding the UK’s reputation as a secure place to do business, in line with the Government’s agenda. We are grateful for the invaluable support of our coalition partners in delivering these impactful findings, and look forward to continuing this momentum, paving the way for a more secure future for all. 🔗 Find the full blueprint here: https://lnkd.in/ehygnuFs #EconomicCrime #FraudPrevention #UKFintech 

Earlier this month, our Chair, Charlotte Crosswell OBE, sat down with Stephen Smart, Joint Executive Director of Enforcement and Market Oversight at the Financial Conduct Authority, for a fireside chat at our coalition showcase. They discussed the pivotal role regulators, particularly the FCA, play in fostering innovation in financial services, including how:   💡Strategies must strike the balance between regulation and growth, to support digital innovation & enable startup opportunities, especially for SMEs.    🔐Policymakers, regulators and industry should take a holistic approach to fighting financial crime by combining prevention, education and collaboration with technology and law enforcement.   📄Regulatory and technological innovation can be facilitated by shifting to intelligence-led regulation, using data to proactively address crime risks.    This change isn't possible with just industry, regulators or government working in silos – there must be collaboration across the financial ecosystem and beyond to drive meaningful change. We look forward to working together to collectively shape a more secure and innovative future.  #FinancialCrime #Regulation #Innovation #FCA 

Yesterday, we teamed up with Sage to host a roundtable discussion at the Shard, focused on ‘Paving the Way for Digital Company ID in the UK’. The event brought together industry leaders from various digital ID providers, fintechs, industry groups, regulators and Government representatives. Building on CFIT’s second coalition that advocated for the use of Digital Company ID to combat economic crime and drive growth, the discussion focused on how we can: 📈Accelerate the development of a Digital Company ID prototype. 🔒Enable reciprocal and secure data sharing. 🤝Engage with industry, Government and regulators to enhance trust, interoperability and facilitate the implementation for the widespread adoption of Digital Company ID. 🚀Launch pilot projects to demonstrate real-world use cases. ⏰Take lessons learnt from other jurisdictions, such as Europe, to establish a clear timeline and strategy for implementing Digital Company IDs at scale. With economic crime accounting for over 40% of all reported crime in England and Wales, Digital Company IDs can play a crucial role in reducing this high number. A big thank you to all attendees for your proactivity and eagerness to mitigate financial crime risks and position the UK at the forefront of digital innovation in financial services. #EconomicCrime #DigitalVerification #Collaboration #Innovation

Our Chair, Charlotte Crosswell OBE, 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://lnkd.in/eGDjT2ra   #UKFintech #FinancialServices #Startups #FoundersUnfiltered

Last week at our Fighting Economic Crime through Digital Verification showcase, our Chair Charlotte Crosswell OBE, emphasised the importance of collaboration between the public and private sectors in driving financial innovation forward to unlock the full potential of Digital Company ID.    The CFIT-led coalition is committed to countering the growing threat of economic crime, which impacts both businesses and consumers. The loss of trust in the financial ecosystem is stalling growth, deterring consumers and businesses from making purchases and investments. CFIT continues to urge collaboration between government, regulators and the wider financial sector. By ensuring the regulatory framework is fit for purpose, industry can then drive forward and implement the necessary solutions. We are incredibly grateful for the support of our partners and the government – from CFIT’s formation to the coalition’s delivery to date. As we transition into the next phase, we look forward to hearing from the government on our recommendations.   #EconomicCrime #DigitalVerification #Collaboration #Innovation

Last week, we welcomed experts from global financial services, academic institutions, technology innovation hubs, government agencies, regulators, and policymakers to our coalition showcase event, celebrating the publication of our blueprint report on fighting economic crime through the introduction of Digital Company ID.   An insightful afternoon, with key highlights including: 🌟 A keynote address from Emma Reynolds MP, Economic Secretary to the HM Treasury, highlighting how CFIT is a powerful example of public-private collaboration.   💡 A panel led by our Director of Coalitions and Research, Leon Ifayemi, featuring Mark Devlin (Lloyds Banking Group), Phale M. (NatWest) and Aisling T. (Monzo Bank) discussing the future of Digital Company ID.   📄 The role of policy, regulation and smart data for Digital Company ID was explored by Helene O. (Financial Conduct Authority), Agnieszka Scott (Department for Business and Trade), Martin McTague OBE (Federation of Small Businesses (FSB)), Mark Astley (NAFN Data and Intelligence and Nicole Sandler.   🔥 Charlotte Crosswell OBE joined Steve Smart from the Financial Conduct Authority for a fireside chat, discussing the key role regulators can and should play in industry innovation.    We had a fantastic time discussing the future of Digital Company ID, and we’re excited for the opportunities ahead. To explore our findings and learn more about how Digital Company ID can help combat economic crime, read the full blueprint here: https://lnkd.in/ehygnuFs   #EconomicCrime #DigitalVerification #Innovation #Collaboration

🌟 The Fighting Economic Crime Through Digital Verification showcase is in full swing! 🌟 It’s a privilege to have Emma Reynolds MP, Economic Secretary to the HM Treasury, 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

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, Economic Secretary at the HM Treasury, alongside industry experts and engaging panel sessions and fireside chats led by our Chair, Charlotte Crosswell OBE 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

🔒 As we approach the launch of our blueprint report on fighting economic crime through digital verification, we're diving into the interaction between individual and digital IDs, exploring how personal IDs can form the foundation of business verification.    💡 In the latest instalment of our ‘Digital Verification in Focus’ mini-series, our Director of Coalitions and Research, Leon Ifayemi, also considers the ongoing debate around centralised and decentralised digital ID systems, weighing up the trade-offs between benefits of control and privacy in each approach. Find the full blog post below 👇 #DigitalVerification #DigitalID #FinTech

Yesterday, our Director of Coalitions and Research, Leon Ifayemi, attended the City of London Corporation Access to Finance: Early-Stage Investments for SMEs event.    The event brought together entrepreneurs, business support experts, and industry leaders, empowering small businesses through practical advice, networking opportunities and direct access to financial institutions and business support organisations.    At CFIT, we've supported SMEs since our inception – first through our Open Finance coalition, enhancing SME access to finance, and then with our SME Finance Taskforce, which delivered a seven-point action plan to improve SME lending.    Stay tuned to find out more and thanks to the City of London Corporation for a great day!   #SMETaskforce #OpenFinance #SME #CFIT