The UK’s Treasury has launched a review of Britain’s £7bn fintech industry, claiming the Covid-19 crisis has shown up a need to foster the “widespread adoption” of financial technology.

The independent review, launched on 20 July, will be led by the former chief executive of Worldpay Ron Kalifa OBE. The probe will seek to ensure that UK fintech “has the resources to grow and succeed, that conditions are right for the widespread adoption of financial technology, and that the UK’s global reputation for innovation is maintained and advanced,” the government statement said.