The IoD Finance and FinTech Group was launched at the institute’s headquarters in London where its City of London chair John McLean hailed the country’s fintech sector as "world class".

While fintech generates roughly 80,000 jobs in the UK, its financial contribution to the national economy has wavered of late.

A report from KPMG published in September showed that investment in UK fintechs fell to $9.6 billion in the first half of 2022, down from $27.8 billion in the same period the previous year.

While this decline is partly a result of a global economic slowdown, the UK’s figures are considerably worse than the global statistics where global investment in fintech fell from $111.2 billion across 3,372 deals in H1 2022 to $107.8 billion across 2,980 deals in H1 2021.

"In a time when Global UK is starting to find its feet, I believe that the IoD’s Fintech group can contribute to our country," said McLean.