The widespread use of digital identities will unlock digital transformation and economic prosperity for the whole of the UK, said Paul Scully MP delivering the opening keynote presentation at Innovate Finance Global Summit 2023.

Digital Identity as an Investment 

He placed the spotlight on the integration of digital ID with Fintech and the payments landscape but urged the importance of collaborating over regulation and boosting investment to support more fruitful use case. The UK remains the dominant player in Fintech investment excluding the U.S.

“It is estimated that savings up to £800million a year can be realised across the UK economy through the widespread use of digital identity,” said Paul Scully. “We have already made fantastic progress in encouraging the adoption of digital identity and with continued contributions to the sector we can achieve further growth in this space.”