CBI urges SMEs to use fintech for growth

Lord Bilimoria, president of the Confederation of British Industry (CBI), has launched a campaign aimed at getting more businesses to use fintech to fuel their growth.

The crossbench peer has unveiled the ‘Winning with Fintech’ campaign, which calls for business and government backing to promote the UK’s fintech sector.

The campaign aims to help non-financial firms use fintech to embrace innovation, and improve their efficiency and competitiveness.

“Businesses need all the support they can get at present,” said Bilimoria.

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“Slow growth post-pandemic and supply chain struggles have been exacerbated by the terrible conflict in Ukraine.

“What firms need are fair winds and following seas, with fintech featuring a flotilla of benefits, making global trade smoother, payments easier and sustainability better.

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“The UK’s world leading fintech sector is ideally placed to go from strength-to-strength in supporting businesses to manage risks and reduce costs in an uncertain world. The CBI will champion fintech by supporting businesses of all sizes across and sectors to seek solutions that will work for them.”

The CBI believes that small- and medium-sized enterprises (SMEs) can use fintech to improve payment flows, automate financial services, and transition to net zero.

From the second quarter of 2022, the CBI will be launching toolkits to help businesses learn how to use fintech to access global trade, to make progress on decarbonisation goals, and improve payment journeys.

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