A new industry body has been launched to promote the needs of businesses - from start-ups to global corps - in the UK financial technology (fintech) sector.

Innovative Finance is a collection of 50 organisations that will provide a single voice for businesses in the UK sector, which is world-leading.

The body’s mission is to champion the UK as a centre of sustainable financial services and technological innovation.

In a statement, the group said it would “cultivate business opportunities for start-ups and drive diversity of choice for consumers”.

Speaking at the launch yesterday, chancellor George Osborne said: “Key to the government’s long term economic plan is cementing Britain’s position as the centre of global finance.

“It’s only by harnessing innovations in finance, alongside our existing world class knowledge and skills in financial services, that we’ll ensure Britain’s financial sector continues to meet the diverse needs of businesses and consumers.”

Innovative Finance is sponsored by the City of London Corporation and the Canary Wharf Group and its CEO is Claire Cockerton, who is also non-exec chairman of Pivotal innovations and a special advisor to Level39.