Richard will be responsible for heading up Wales’ thriving fintech sector and promoting it as a place for companies to develop and grow their business.

He joins the current envoys in championing fintech in their home region:

• David Ferguson, CEO at Nucleus Financial, and Louise Smith, head of current account design for RBS (envoys for Scotland)
• David Duffy, CEO at CYBG (envoy for England)
• Chris Sier, professor of financial technology at the University of Leeds (envoy for the Northern Powerhouse)

The chancellor of the exchequer Philip Hammond also announced that Georgina O’Leary, director of innovation, research and development at Allstate Northern Ireland, has been appointed the new fintech envoy for Northern Ireland.

The chancellor said that the financial world was being transformed by the fintech revolution, so it was vital that each corner of the UK could harness its power.

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“That’s why we’ve invited Richard Theo from Wealthify – one of Wales’ greatest fintech success stories – to be our envoy for the region.

“I’d like to congratulate Richard on his new role.

“His extensive experience in the industry makes him the ideal candidate, and I am certain he will build on the success of the existing envoys in helping the UK to remain at the cutting edge of the digital revolution.”

Richard said that it was a huge honour to be appointed as the government’s fintech envoy for Wales and to have a chance to help support the growth of fintech in the region.

“Wales already enjoys considerable fintech success and is well placed to become a leading fintech centre.

“It is a fantastic place to do business, benefiting from a strong work ethic and entrepreneurial culture, low operating costs, excellent connectivity and a great lifestyle.

“It is already home to a wide range of accelerators and incubators, and a phenomenal network of tech, fintech and financial services businesses.”