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| Fintech firms in south Wales facing skilled staff battle | Fintech firms in south Wales facing skilled staff battle |
| (about 3 hours later) | |
| Some of the fastest growing financial technology firms in Wales are at risk of being held back by skills shortages, a leading specialist lawyer has warned. | Some of the fastest growing financial technology firms in Wales are at risk of being held back by skills shortages, a leading specialist lawyer has warned. |
| Cerian Jones said so-called fintech companies have told her they are "chasing fish in the same small pool". | Cerian Jones said so-called fintech companies have told her they are "chasing fish in the same small pool". |
| She said those firms not actually trying to fill a recruitment gap "are trying to retain staff so they don't go elsewhere". | She said those firms not actually trying to fill a recruitment gap "are trying to retain staff so they don't go elsewhere". |
| Cardiff is facing competition from London and Bristol among other cities. | Cardiff is facing competition from London and Bristol among other cities. |
| Ms Jones, a patents attorney and partner at UDL in Cardiff, said: "When I talk to software companies about what their biggest challenge is, nine times out of 10 it's recruitment. | Ms Jones, a patents attorney and partner at UDL in Cardiff, said: "When I talk to software companies about what their biggest challenge is, nine times out of 10 it's recruitment. |
| "These are very skilled positions, needing skilled graduates with the right coding and development skills." | "These are very skilled positions, needing skilled graduates with the right coding and development skills." |
| She said there was a lure of working in London and firms in south Wales were having to be creative in trying to entice people "in a candidates' market". | She said there was a lure of working in London and firms in south Wales were having to be creative in trying to entice people "in a candidates' market". |
| Some were finding it difficult, even when offering £60,000 salaries. | Some were finding it difficult, even when offering £60,000 salaries. |
| The Chancellor of the Exchequer has said fintech is the fastest growing sector in the UK. | The Chancellor of the Exchequer has said fintech is the fastest growing sector in the UK. |
| It covers a wide range of technology companies, from those involved in price comparison sites, to new ways of transferring, borrowing or managing money. | It covers a wide range of technology companies, from those involved in price comparison sites, to new ways of transferring, borrowing or managing money. |
| Emma Williams, head of marketing at Credas in Penarth Marina, said: "If you buy a financial product there's some sort of fintech involved. If you go for a mortgage or buy a house, you'll get exposed to some sort of technology that's up and coming." | |
| Cedas has been in business for about a year and has developed an app that uses facial recognition to check the validity of a person and their documents, for buying a house or getting work. | Cedas has been in business for about a year and has developed an app that uses facial recognition to check the validity of a person and their documents, for buying a house or getting work. |
| Fintech companies are often relatively small dynamic companies and, by their very nature, tend to be below the radar. | Fintech companies are often relatively small dynamic companies and, by their very nature, tend to be below the radar. |
| For example, Active Quote employs 130 people in Cardiff and has helped 100,000 customers with products like health insurance. | For example, Active Quote employs 130 people in Cardiff and has helped 100,000 customers with products like health insurance. |
| But most people have not heard of it because the firm works behind the scenes providing technology for well-known comparison sites. | But most people have not heard of it because the firm works behind the scenes providing technology for well-known comparison sites. |
| The team also started the online investment management venture Wealthify two years ago. Only 15 people work for it at the moment but a large investment from Aviva means it is planning rapid expansion. | |
| Chief executive Richard Theo said fintech was a "real revolution taking off and we have a real hotspot of that in Wales". | Chief executive Richard Theo said fintech was a "real revolution taking off and we have a real hotspot of that in Wales". |
| While the technology means companies can employ fewer people, Mr Theo said the Welsh economy gains from people doing better jobs. | While the technology means companies can employ fewer people, Mr Theo said the Welsh economy gains from people doing better jobs. |
| "It's the software guys, the marketing guys and the investment guys, it's not the menial work or the traditional call centre stuff, it's quality jobs," he added. | "It's the software guys, the marketing guys and the investment guys, it's not the menial work or the traditional call centre stuff, it's quality jobs," he added. |
| 'Keen support' | 'Keen support' |
| A report in 2015 from consultants EY described the UK as a global leader in fintech, employing 61,000 and generating more than £6.5bn. | A report in 2015 from consultants EY described the UK as a global leader in fintech, employing 61,000 and generating more than £6.5bn. |
| The latest FinTech 50 compiled by industry experts of innovative firms across Europe has 29 of them based in London, with Berlin another strongly performing city. | The latest FinTech 50 compiled by industry experts of innovative firms across Europe has 29 of them based in London, with Berlin another strongly performing city. |
| As yet, there are no official figures for numbers working in fintech in Wales. | As yet, there are no official figures for numbers working in fintech in Wales. |
| But Economy Secretary Ken Skates is examining the sector in his first task and finish group and said the Welsh Government was "keen" to support and develop it. | But Economy Secretary Ken Skates is examining the sector in his first task and finish group and said the Welsh Government was "keen" to support and develop it. |
| Mr Theo said Cardiff's challenges were probably no different from other cities but it could still do more. | Mr Theo said Cardiff's challenges were probably no different from other cities but it could still do more. |
| "We've got a great academic infrastructure but we've got to do a bit of work to get them turning out the skills we need - more people with digital marketing expertise, more software engineers, the kind of dot-net skills that financial services like us actually need." | "We've got a great academic infrastructure but we've got to do a bit of work to get them turning out the skills we need - more people with digital marketing expertise, more software engineers, the kind of dot-net skills that financial services like us actually need." |