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<p>The government has not made an assessment of the proportion of productivity growth
in the last five years that is attributable to financial technology.</p><p> </p><p>However,
the Government has taken significant steps to increase competition in financial services,
including creating an environment in which Fintech firms can grow and compete with
incumbents. The Competition and Market Authority has led the Open Banking initiative,
bringing more competition and innovation to financial services. The FCA has also established
the Innovation Hub and Regulatory Sandbox to support Fintech, both of which are held
up as global examples of best practice. Further information on the Government’s efforts
to promote FinTech can be found in the FinTech Sector Strategy, published in March
2018.</p>
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