The CFIT claims to be the first of its kind in the world and is backed by £5.5m of Treasury and City of London Corporation funding.

The new body seeks to build on the growth of the UK’s fintech sector that supports around 2,500 firms, tens of thousands of jobs in the UK, and is second globally only to the US for fintech investment.

Treasury Economic Secretary Andrew Griffith said: “The UK is a world-leading location for fintech growth and investment.

“Today’s launch of the Centre for Finance, Innovation and Technology doubles down on this, boosting prosperity and investment in exciting cities for growth and innovation such as Leeds.”

He said it’s also great to see the UK Infrastructure Bank delivering on its mission to invest in the clean energy revolution and on much needed infrastructure.

The UK Infrastructure Bank is expanding its presence at its Leeds office to create around 280 jobs.

Charlotte Crosswell, chair of CFIT, said the launch represented a significant moment for the UK’s fintech sector and the UK economy more widely.

She said: “The 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.”

The Centre was established in response to Ron Kalifa’s 2021 Review into UK fintech.

Since the report was published, the government said it has been working across industry and regulators to deliver on the recommendations, including introducing a fast-track visa system for fintech scale ups, implementing an FCA sandbox allowing innovators to trial new products, and reforming its listings regime to maintain the UK’s position as Europe’s dominant capital markets hotspot.

Ron Kalifa, chairman of Network International and author of the Kalifa Review of UK Fintech, said: “The Centre will be instrumental in fostering collaboration between industry, academia and policymakers, promoting innovation, and turbo-charging the adoption of new technologies for businesses and consumers.

“I have no doubt that it will enable the UK’s fintech sector to become more competitive, and I look forward to seeing the impact it will have across the UK in the weeks, months and years to come.”