The North East could be home to almost 8,000 FinTech jobs within the next 3 years, with the sector worth £431m gross value added to the regional economy.
This comes from the new regional growth strategy, developed by Whitecap consulting, with the support of key stakeholders across the public, private and education sectors.
It outlines opportunities to create more than 2,000 new jobs in the North East by the end of 2025. The report also says that the number of FinTech firms will nearly double to 81 (from 45).
“We are delighted to publish this strategy to support the future growth of FinTech in the North East,” said Richard Coates, Managing Director at Whitecap Consulting.
“The key to successful implementation will be the way the region takes ownership of the actions and works collaboratively to deliver them. Our analysis shows that the growth of FinTech in the North East over the last 3 years has primarily been driven by tech sector expansion and inward investment success in attracting new FinTech and tech firms to the region.”
The report recommends 3 key strategic priorities: Clear Leadership, Increased Collaboration; and Development of Resources. These are then broken down into specific areas of action.
“Digital and the digital sector is a key component of our economic vision, and our existing investments in skills, infrastructure and innovations are aim to cement our region’s status as one of the most exciting digital economies in the UK and around the world,” added Dr Henry Kippin, North of Tyne Combined Authority.
“The recent success of the FinTech sector showcases the very best of the North of Tyne and wider regional economy; collaboration between public, private and higher education, innovation across sectors and supply chains, and clustering of expertise which proves hugely attractive to inward investment. The work of Whitecap and partners brings to life these intangible characteristics into a strategy with real clarity and ambition that we can, and should all get behind.”