What is FinTech?
References to ‘FinTech’, or Financial Technologies, have been on the rise over the last few years – but what falls into this category?
FinTech largely applies to technology used within the financial services sector, largely by the institutions themselves, but also new innovations that are being introduced more and more into our everyday lives, such as mobile payments, fundraising tools and asset management.
Recent figures have indicated that global FinTech investment has more than doubled over the past year from $51bn to $112bn, so this area of innovation should by no means be considered minor.
Within the UK specifically, the FinTech sector is continually on the rise with companies such as JPMorgan Chase in talks to purchase a stake in 10x Future Technlogies, a banking technology start-up founded by former Barclays chief Antony Jenkins. With so much investment happening, this is a hotspot for research and development.
Innovation is ubiquitous with this sector, with UK Fintech businesses renowned for their increasingly experimental, versatile and progressive techniques that are shaping the future of development in this industry.
R&D often occurs in FinTech when attempts are made to ‘resolve scientific or technological uncertainties’, often by creating new processes or products, or improving existing processes or products. Some examples of this in the Fintech sector include, but are not limited to:
While many of us are aware of some of the more well-known FinTech innovations such as Bitcoin and Crowdfunding, this terminology often refers to developments within the back-office of financial businesses; keeping up to date with governance and regulations, reducing risk, errors and costs and the avoidance of money laundering to name a few.
Catax can help support your business with an R&D claim
If your business is taking part in any of the above, or other activities relating to the advancement of technology in Fintech, you could be owed thousands back in tax relief. The range of R&D is wide and touches many areas that haven’t been described above, however if you are developing products or services in any areas of FinTech, get in touch with us today. We have a dedicated in-house R&D team ready to advise on whether you could be eligible.
0300 303 1903