City of London Lord Mayor is backing NI fintech firms

THE Lord Mayor of the City of London has said he’s hoping to encourage Northern Ireland fintech firms like Datactics to create jobs and secure more funding.

William Russell, who represents the City of London and the UK’s financial and professional services industry, is visiting Northern Ireland with the aim of boosting its ties with the City.

Mr Russell said he hopes to persuade Northern Ireland firms to come on trade missions with him where they could potentially meet venture capitalists for discussions about future funding.

During his trip to Belfast, he met with fintech firms including Datactics, which provides regulatory technology to the banking and financial services sector.

Mr Russell also met Northern

Ireland fintech envoy Andrew Jenkins. He was appointed by HM Treasury in September to champion the sector.

Mr Russell said he hoped to build on his relationship with Datactics. “We’re talking to them about how we can collaborate and help them grow their business. We hope to be able to help them find clients,” he said.

He said he was impressed with the growth of Northern Ireland’s fintech sector but that he hoped to address the trend for students from here at English universities not to return home after graduation. He said he will shortly launch the Mansion House scholarship scheme, which will this year be open to NI students.

Two students — from Belfast and Londonderry — will receive funding for a large part of the cost of a business or finance postgraduate course.

He said Brexit had not held back growth in the financial services sector in the UK. City of London Corporation has said that it’s against a no-deal Brexit. “It’s fair to say that since the referendum City of London has continued to grow,” Mr Russell said.

But the corporation has said it’s keen to see a future framework arrangement which will recognise the value of services to the UK economy.