"In order to remain a global leader in fintech (financial technology) the UK needs to strengthen its position on immigration or risk a significant shortage in human capital,” stated the Kalifa Review of UK FinTech, commissioned by the British government at the 2020 budget and published in early 2021. Taking pride in the report of "our very own ZTFE (Zoroastrian Trust Funds of Europe) life member Rohinton (Ron) Kalifa (pictured) OBE (Officer of the Order of the British Empire),” ZTFE president Malcolm Deboo sent Parsiana the highlights of the 108-page Review published by Her Majesty’s Treasury as also links to the extensive media coverage and plaudits the report generated. Currently Kalifa is chairman of Network International, a fast growing payments company.
The Kalifa Review is meant to help businesses overcome the immediate challenges posed by Brexit and the pandemic by setting out a plan for the UK firms to scale up, access the talent and finance they need, and deliver better financial services.
"The UK has a hard-won reputation of trust when it comes to regulation and the rule of law. We must ensure that we build trust in this new wave of tech-enabled products and services. Above all, it is about building markets for this innovation to grow into,” stated Kalifa in his preface to the Review. He further added, "If the UK is to retain its position as a global leader in financial services, then we must lead this technological revolution. Just as we led in previous industrial revolutions, we must do so again in this one…”
With more than 10% of the global market share in fintech, the sector is now worth more than £ 11 billion (Rs 1,15,727.37 crores) a year to the UK economy. As commented Rishi Sunak, Chancellor of the Exchequer: "Fintech is one of the UK’s great success stories and will help us seize new opportunities around the world. This Review will make an important contribution to our plan to retain the UK’s fintech crown, create more skilled jobs, and deliver better financial services for people and businesses.”
Kalifa’s independent report advocated a relaxation of post-Brexit visa restrictions recognizing that foreign talent represents 42% of UK fintech employees. It further recommended rational reforms to rules governing stock market share listings and clear policies to boost local talent by offering placements for students, more so since Covid has caused around 700,000 young people to forsake education to join the job market. Tax incentives and diversion of some UK private pensions into high growth technology opportunities would enable Britain to build global champions rather than see fintech founders sell out to big technology companies, stated the report. Also mooted was the establishment of a private sector led center for finance, innovation and technology to strengthen national coordination, and the creation of a billion-pound fintech growth fund to help firms.
With Kalifa’s reputation established across the financial sector, he was among the 30 business leaders invited by Prime Minister Boris Johnson and Sunak to join the Build Back Better Council. Launched this January 18 to unlock investment, boost job creation and level up the whole of the UK, the Council will ensure that government and businesses continue to work closely together.