Italy-UK Partnership

IN FOCUS | 13 www.italchamind.eu FinTech and the Italian start-ups ecosystem The Italian Trade Agency’s promotion of “FinTech Made in Italy” A portmanteau of financial technology, FinTech is the macro-area containing all the innovation technologies related to the financial landscape. Since 2015, FinTech has been recording a steady growth: as shown in the Global FinTech Adoption Index 2019, over 32% of global consumers regularly use at least two or more services FinTech-related (such as PayPal and crowdfunding, or even blockchain). This sector is considered a fast-growing one, but still relatively little explored. As start-ups seem to be the ideal subjects to explore the potential and benefits of new technologies, the commitment of their global ecosystem plays a fundamental role. SUPPORTING ITALIAN START-UPS As an Italian Governmental agency, the Italian Trade Agency (ITA) supports the business development of Italian companies abroad and, vice versa, attracts foreign investment to Italy. Since 1926, ITA has been a reference point for all the Italian companies that wanted to export their products and, little by little, it has built a widespread network that now counts about 80 overseas offices. ITA’s London branch maintains strong business relationships between Italy and the UK and particular attention is dedicated to the Italian start-up ecosystem. Given that the Italian tech market is booming, one of ITA’s missions is to match the needs of the Italian start-ups and innovative SMEs with the great opportunities that the UK market offers. ITA’S ACTIVITIES AND PROJECTS ITA supports single FinTech Italian companies and start-ups with a wide range of custom-made services and activities aiming at increasing potential business opportunities with local counterparts in the UK. In 2018, ITA organised a FinTech event in collaboration with the Innovate Finance - Institute, which was hosted by the London Stock Exchange, representing FinTech companies and the global industry. The event was an opportunity to learn more on the latest sector developments, trends and new challenges, whilst offering an interesting comparison between the Italian and British FinTech ecosystem with a special focus on regulations and business case studies. ITA has also supported Italian start-ups and SMEs belonging to the sector by promoting their participation at international fairs such as Tech Crunch and Unbound London. Last year, ITA organised the first Global Startup Program, hosting 26 Italian start-ups for a three-month accelerator programme with the support of local Accelerators. Among them there were several FinTech start-ups that gained positive outcomes. This year’s edition will be open also to FinTech businesses. Furthermore, ITA - representing the trade promotion section of the Italian Embassy in London - is involved in the Italy4Innovation events launched by the Embassy. The latest panel, FinTech for recovery, took place on 25th June and hosted a discussion on the role that Fintech can play in the economic recovery in the aftermath of Covid-19. The panel also offered the opportunity to be updated on the Fintech scenario in both countries by experts and leading companies. · Italian Trade Agency Picture courtesy of Italian Trade Agency