Cameron in Indonesia
David Cameron on tourReuters

Prime Minister David Cameron has welcomed the UK FinTech 2020 manifesto released by Innovate Finance, the financial technology lobby group based at Level 39, Canary Wharf's bustling tech hub.

Innovate finance has set out an ambitious set of targets which includes the UK grabbing around $8bn of technology investment over the next four years, as well as the creation of some 100,000 jobs in the burgeoning sector.

The prime minister said: "This government wants the UK to be the leading FinTech centre in the world, that's why, at the Summer Budget, we appointed a Special Envoy for this fast growing sector.

"I'm pleased that Innovate Finance's manifesto has set such ambitious goals including the creation of 100,000 jobs. This will ensure we are a world leader in the development of financial services technologies."

FinTech already generates £20bn of GDP to the UK economy and directly employs 135,000 people.

Innovate Finance's vision for 2020 is for the UK to attract $4bn of venture investment and $4bn institutional investment in corporate venture funds, accelerators and innovation programmes.

And for the UK to generate 100,000 more jobs in this area, supported by new financial technology apprenticeships and degree courses that will create the skilled workforce necessary to make the UK the global centre for FinTech.

Justin Fitzpatrick, a non-executive director of Innovate Finance and the co-founder of data provider, DueDil, told IBTimes: "It is important that the UK continues to maintain an open environment for skilled immigrants, the UK has always been an attractive place for global talent.

"That needs to continue, not only to propel the economy but also it's an important factor in skill transfer, so that we can up-skill the next generation of FinTec workers in the country."

"The other important factor is continuing support for stem subjects in the education system. Many of the roles in that are required in financial technology demand quantitative skills, mathematical skills and skills in computer science."

"It's great to get this support [from the PM] considering we only launched a year ago. We are now 120 members, which range from big banks to start-ups. The financial support for the organisation comes from our members.

"They join Innovate Finance to provide a co-ordinated voice on policy and regulatory issues, to access education events which facilitate partnerships between large financial institutions and technology disrupters."

The manifesto was released as Prime Minister David Cameron leads a trade delegation of British FinTech leaders to South East Asia this week.

The UK is leading the way in Europe for FinTech investment, taking 42% of all European FinTech investment in 2014. Investment grew 136% in 2014, from $264m in 2013 to $623m 2014.

Silicon Valley still dominates, with FinTech investment at over $2bn versus a European total of $1.48bn.