The UK is steadily cementing its place as the global hotspot for fintech sector.
As reported by the Financial News, the latest initiative taken by the UK government, which aims to provide tax credits to projects which lead to substantial success in science or technology through the resolution of scientific or technological uncertainty, may eventually end up helping this sector even further.
For the fintech industry, this indeed could turn out to be an excellent opportunity to up its game and scope.
The Financial news report further also stated that the question which the industry must now think upon is which of its activities could fall under the purview of government stated rules and how it could benefit from them.
For its part, the news site also stated that the rules unequivocally say that the tax credits are available for those projects that “seek to achieve an advance in science or technology”, “through the resolution of scientific or technological uncertainties”.
Now, this indeed is a rather broad definition and could even turn out to be the game changer for the fintech industry.
The rules further also say that this does not merely mean that the manual work is given an electronic twist, but that it must also boast of new concepts or ideas, such as the development of innovative, or more efficient, algorithms.
In short, the innovative fintech world should be looking at this opportunity with a clear understanding that it stands to gain if it is willing to play by the rules.
Fo its part, the UK is striving hard to show itself as the place that will one day be the center of this industry.
Just a few days back, Harriet Baldwin, Economic Secretary to the Treasury of UK had announced a £10million funding for cryptocurrency research.
At that time, she had also recounted as to how the country was busy working hard so as to create the right kind of ambience for the fintech businesses.