The Government of UK has announced the launch of a new national hub for fintech at an event in Leeds to facilitate growth and innovation in the financial sector.

Dubbed Centre for Finance, Innovation and Technology (Cfit), the hub will receive a £5.5m funding from the UK Treasury and City of London Corporation.

Representing the first centre of its kind across the globe, CFIT aims to further strengthen the UK’s fintech industry, which supports nearly 2,500 firms.

The country’s fintech sector, which is second globally after the US in terms of investment, also aids tens of thousands of jobs in the UK.

CFIT will help the people and businesses across the UK by offering them the benefit of new technological advancements, additional consumer choices, minimising costs and increasing firms’ efficiency.

It was set up in response to Network International chairman Ron Kalifa’s Review into UK fintech report.

CFIT chair Charlotte Crosswell OBE said: “The launch of CFIT today represents a significant moment for the UK’s fintech sector and our economy more widely.

“This organisation will enable us to come together as a sector to start breaking down barriers that the fintech sector is facing while creating a clear path for our homegrown fintech companies to achieve global scale, impact and success.

“Today’s announcement marks an important first step in our work supporting the growth and development of the UK fintech sector by empowering its talented innovators and trailblazers in every corner of the country.”

In addition, UK Infrastructure Bank revealed its plan to enhance its footprint at its office in Leeds with the creation of nearly 280 jobs.