Collaborative hubs and co-working spaces are crucial to the future of Leeds as a FinTech hub in the UK.

A new report into Leeds City Region's FinTech potential has confirmed that the city is "laying the foundations for the future".

The report by Whitecap Consulting highlighted a lack of hubs and workspaces dedicated specifically to FinTech innovation but recognised that the region is building the right infrastructure to encourage collaboration.

It also welcomed emerging innovation hubs in Leeds as great opportunities to bring higher education and industry together to accelerate business growth.

As well as outlining opportunities to strengthen the city's FinTech ecosystem, the report also recognised the important role that innovation hubs like the University of Leeds' Nexus can play in helping to "incubate entrepreneurial talents, start-ups and growing businesses".

The findings were welcomed by Chelsea Hardy, who joined Nexus in October as engagement manager from JP Morgan.

"The region has many of the key components for rapid FinTech growth, with an established financial services sector and a cluster of successful and emerging technology start-ups," she said.

"Nexus provides a vital element to a successful ecosystem – the right environment for collaborations to thrive.

"With a growing demand for businesses and academics to work together, the Whitecap report confirms our belief that specific initiatives to support collaborative ventures are key to supporting the development of the FinTech ecosystem in the Leeds City region."

Hardy added that Nexus is already working with a number of high growth tech and data-led companies and is seeing "strong demand" from FinTech companies for its membership, which offers the opportunity to tap into the university's research capabilities and expertise.

"Nexus is helping to bridge the gap between technical and research expertise in the region and companies looking to leverage this expertise to accelerate growth," she said.

Nexus is set to feature state-of-the-art facilities including office and lab space, collaboration areas, event and meeting space and a dedicated team who will be responsible for facilitating productive working partnerships and collaborations.