Former AIB boss David Duffy named as England ‘fintech envoy’

CYBG chief charged with raising profile of fintech companies and helping them to find new markets

David Duffy left AIB to run CYBG in 2015. Photograph: Joanne O’Brien

David Duffy left AIB to run CYBG in 2015. Photograph: Joanne O’Brien

 

The UK government has appointed AIB’s former executive David Duffy to a newly-created role of fintech envoy for England under chancellor of the exchequer Philip Hammond’s strategy to develop the country’s financial technology sector.

Mr Duffy, who left AIB in 2015 to become chief executive of CYBG, the owner of Clydesdale and Yorkshire banks, will be tasked with advocating for the fintech industry across England, raising its profile and potential and helping to find new markets for their products both in the UK and internationally.

The announcement came as Mr Hammond unveiled a number of new measures to boost the UK’s fintech industry, including the setting up of a task force to examine the benefits and cryptocurrencies.

Most attractive

The chancellor said he wanted to make the UK the “most attractive home” for global fintech firms, coming at a time when mainstream banks, asset managers and insurers are preparing to move thousands of jobs out of London to elsewhere in the European Union as they prepare for Brexit.

“Every hour a new tech business is founded in the UK and my aim is to make that every half hour,” Mr Hammond said.

“David’s extensive experience and passion for fintech will make him a fantastic envoy for England,” said John Glen, economic secretary to the UK treasury and City minister. “It’s vital that every part of Britain benefits from the fintech revolution, and I look forward to working with him to ensure that happens.”