The Chancellor of the Exchequer today vowed to create the "best environment" for fostering new financial technologies, as the UK's burgeoning fintech sector welcomed the launch of a new body backed by the country's biggest banks.

Speaking on Wednesday at the launch event of Innovate Finance at Level39, Canary Wharfs Group's accelerator for fintech startups, George Osborne said the government is committed to making the UK a global centre for financial innovation.