Fintech has emerged as one of the UK’s fastest growing business sectors in the year’s since the financial crisis.
Oscar Williams-Grut in his article on uk.businessinsider.com pointed out that the number of trademarks registered by financial services companies hit a record-high of 4,228 in 2016, according to professional services firm RPC.
Financial trademarks have risen by 35% over the last five years. RPC, which compiled the data, puts the spike down to Britain’s booming fintech — financial technology — startup sector.
Names trademarked last year include digital banking platform Zentity, automated cash payment service Numus Cash, and peer-to-peer lender Bondora, RPC says.
Paul Joseph, a partner at RPC, said in a statement: “Financial services businesses collectively are pouring hundreds of millions into promoting new products and services. That investment needs to be protected through registering trade marks.”
Ben Mark, RPC’s trademarks legal director, said in a statement: “Without registering trademarks it becomes a lot easier for rivals to launch similar products, confusing customers.”
Fintech has emerged as one of the UK’s fastest growing business sectors in the year’s since the financial crisis. The Treasury said earlier this year that the sector is worth £7 billion to the UK economy and now employs 60,000 people.