Wales has a strong – and growing – reputation for financial services.
According to TheCityUK, Wales has 64,000 employees in financial and related professional services. It says the industry contributes more than 15% of city GVA in Cardiff and Swansea.
From titans such as Admiral, Go.Compare, Confused.com and Starling to significant players such as Hodge Bank and an ever-growing but hugely significant pool of fintech and insurtech start-ups, Wales is firmly on the map for the financial sector.
So what is it about the Welsh ecosystem which sets us apart? And how do we foster it so that we continue to support the financial sector and see it increase its contribution to the Welsh economy?
Consider the nature of the business ecosystem in Wales – particularly South Wales, which currently dominates when it comes to financial services.
Even in comparison to Bristol, which is similar in size, our ecosystem seems small and compact and is easy to navigate. London, with its vast expanse and numerous financial hubs, lacks the cohesive ecosystem that Wales enjoys. While London has many strengths, a unified financial ecosystem isn’t one of them due to its sheer scale and disparate nature.
One of the most notable advantages of the Welsh financial ecosystem is the ease with which one can connect with key individuals. Finding the right person to speak to is relatively straightforward in Wales, a stark contrast to the complexity of networking in London.
It is this connectivity which does much to fuel growth and innovation. We need to nurture the strength of our local connections and our supportive ecosystem.
The collaborative model in Wales is particularly impressive. Despite potential overlaps in services, Wales-based professionals tend to be concerned with supporting Welsh businesses first and foremost. Industry introductions and recommendations are all part of the way we do business.
This spirit of collaboration is a massive strength. The familiarity among professionals, the shared events, and the long-standing relationships all contribute to a supportive environment where businesses can thrive.
The fact that the Welsh ecosystem is built on collaboration and connectivity really is the jewel in our crown.
As the sector continues to grow, as new start-ups come along and others scale, as businesses are attracted here from elsewhere, keeping our focus keenly on collaboration and connectivity will help us continue to have that edge.
