United Kingdom's CFIT appoints ex-Head of Innovation at Financial Conduct Authority as new CEO
The Centre for Finance, Innovation and Technology (CFIT), a UK government-backed organization, has announced a significant shift in its leadership and strategy. Anna Wallace, who brings extensive experience in consumer protection and RegTech from her role at the US-headquartered Gates Foundation, has been appointed as the next chief executive of CFIT, effective from 1 September.
Wallace's appointment comes at a time when CFIT is evolving to work more closely with both government and private sector stakeholders, aiming to set the blueprint for financial innovation in the UK and address the barriers to scaling the fintech sector.
In its initial phase, CFIT focused on developing technology-driven solutions to improve access to finance for small- and medium-sized enterprises (SMEs), forming coalitions with industry partners such as Mastercard, Lloyds Banking Group, and HSBC. These coalitions aimed to unlock SME lending by leveraging alternative data sources and smarter credit models.
However, CFIT's focus has expanded to closing the SME credit gap, a significant issue that has contributed to a decline in SME lending over the last decade. The centre's initiatives seek to boost SME growth, job creation, and overall economic prosperity by creating innovative financial products and frameworks that enable more inclusive and efficient lending.
Ezechi Britton MBE, CFIT's inaugural chief executive, who left six months ago, highlighted the UK’s leadership in fintech sandboxes and the origin of GDPR legislation during his tenure. He also emphasized the importance of involving key stakeholders from across the entire ecosystem in CFIT's coalitions.
The UK's fintech sector has faced challenges in recent years. According to a report by Innovate Finance, there was a 37% decline in fintech investment in the UK during 2024 compared to 2023. The UK also lost second place in the global fintech investment charts to the United Arab Emirates (UAE) in the first half of 2025.
In response, the Chancellor of the Exchequer presented a series of measures aimed at helping fintech companies and encouraging payments innovation in the UK. CFIT, in its new hybrid model, plans to diversify its revenue sources throughout 2025 and beyond to support these initiatives.
Wallace, who has experience as a co-founder and funder of the Cambridge Centre for Alternative Finance (CCAF)'s SupTech Lab, is well-equipped to lead CFIT in its mission to advance financial innovation in the UK.
[1] Source: CFIT press release, dated 1 June 2025 [5] Source: Financial News, dated 15 July 2025
- In her new role as the chief executive of CFIT, Anna Wallace aims to leverage her expertise in RegTech and innovation to address the barriers to scaling the fintech sector in the UK, particularly by creating new financial products and frameworks for SMEs.
- As CFIT transitions into a hybrid model, the organization plans to diversify its revenue sources in an effort to support the Chancellor of the Exchequer's initiatives aimed at increasing fintech investment and encouraging payments innovation in the UK, while also attracting investors by drawing upon Wallace's experience in the alternative finance sector.
