UK-Russia FinTech Working Group: Insights and recommendations

This report, created by TheCityUK and Moscow Innovation Cluster with support from the British Embassy, Moscow, has brought together a range of UK and Russian FinTech experts to share insight and expertise.

The UK and Russia are both prominent FinTech hubs. UK FinTech hubs employ some 76,000 people and generate approximately £6.6bn of revenue. Their success is underpinned by the UK’s world-leading financial services ecosystem. Russia, meanwhile, is renowned for its depth of technology talent and expertise.

By working together, the UK and Russian FinTech sectors can share best practices, help businesses grow and consumers gain access to a range of financial services products. Working with our project partners, we have prepared this report of the UK-Russia FinTech Working Group, which summarises insights from members of the working group and sets out recommendations in four core areas, aiming to help deepen FinTech cooperation between Russia and the UK.

We hope the range of issues discussed throughout the paper will shine a light on some of the key strategic and commercial opportunities for both countries.