The UK fintech sector is at a crossroads. While it has long been a global leader, the rise of sophisticated fraud and siloed innovation threatens its position. Anna Wallace, CEO of the Centre for finance, Innovation and Technology (CFIT), is on a mission to change this. By bringing together regulators, banks, tech firms, and the government, Wallace aims to create a more collaborative and secure financial ecosystem.
CFIT, established following the 2026 Kalifa Review, is focused on addressing structural bottlenecks that hinder progress. Under Wallace’s leadership, CFIT has made significant strides in advancing Digital Company IDs developing financial health tools, and creating the UK’s first Open Property roadmap. These initiatives are designed to tackle fraud, unlock SME lending, and transform homebuying processes.
CFIT’s Role in Maintaining the UK’s Fintech Leadership
The Kalifa Review was initiated to explore how the UK could maintain its global reputation as a fintech leader. The UK is home to world-leading financial institutions and innovative minds, but staying ahead requires keeping pace with competitors, particularly in areas like AI and tokenisation.
Wallace emphasizes the need for market confidence, especially from investors. ‘Investors need to trust that the innovations they’re funding can scale,’ she notes. CFIT is working to enable this confidence through a more coordinated approach within the ecosystem and by developing standardised policies that ensure innovation translates into real-world adoption.
Overcoming Silos in the Fintech Sector
One of the biggest challenges facing the UK fintech sector is its siloed nature. Regulators, financial institutions, technology providers, and the government often operate independently, hindering progress. Wallace believes that collaboration is key to overcoming this obstacle.
‘CFIT exists to bridge this gap by bringing all these stakeholders together,’ Wallace explains. ‘By sharing ideas and infrastructure and developing common standards, we can unlock growth and innovation. Only then can we remain competitive.’
Digital Company IDs: A Game-Changer in Fraud Prevention
Fraud has reached unprecedented levels, with criminal networks operating in highly organised and sophisticated ways. financial services firms have spent billions trying to combat this issue but often approach it in isolation. Wallace argues that Digital Company IDs are no longer a luxury but a necessity.
A single, reusable, and verified source of corporate identity can equip businesses and financial institutions with the confidence they need to fight widespread economic crime. Research from over 1,000 UK SMEs found that 85% were willing to pay for a Digital Company ID. The next step is a more proactive and preventative framework with standardised protocols to encourage greater adoption and scale of Digital Company IDs across sectors.
Addressing the SME Funding Gap
SMEs are the backbone of the UK economy, yet they face persistent challenges in accessing finance. Fragmented data, limited understanding of financial health, and inefficiencies in lending processes contribute to these difficulties. Wallace highlights the potential of digital financial health tools to enable small businesses to unlock faster, fairer access to finance.
CFIT brought together partners across the ecosystem to test tools like the Funding Health Checker and Small Business Coach. These tools can unlock £5bn (US$6.8bn) in SME credit, enabling businesses to focus on scaling their innovations. Wallace believes that by improving access to appropriate funding and increasing awareness of different financial options, SMEs can thrive.
The Future of Open Finance
Open Finance has established the UK as a global leader in fintech by proving that secure, consent-driven data sharing can transform markets and unlock innovation at scale. The next challenge is applying these principles beyond financial services, into sectors like property, energy, transport, and health.
For example, the government recently announced reforms to simplify the homebuying and selling process, aligning with CFIT’s Open Property Roadmap. This roadmap focuses on reducing delays, cutting costs, digitising paperwork, and preventing sales from falling through. Wallace sees this as a significant step towards a more efficient and transparent property market.
