TIGA,
the trade association representing the UK video games industry, says news that
Silicon Valley Bank is opening its first UK branch to provide specialist
financial services for UK technology start-ups could lead to more choice in
financial products for games developers and other high technology
businesses.
TIGA added that Silicon
Valley Bank’s decision to open a branch in the UK is an indication of the
significant contribution being made to technology by British companies.
The US-based bank supports firms in the technology sector and it says it has
spotted the great strides being made in the UK.
The bank says the country's
universities, entrepreneurial and business ownership culture and the
Government's support for the sector were major attractions. It has already
worked with some British technology companies including mobile music app firm
Shazam and visual effects specialists The Foundry.
Although it has recently opened branches in Israel, India and China, the new
branch in the City of London – providing current and deposit accounts, loans,
cash management services and currency exchange – is its first in Europe.
Dr Richard Wilson, CEO of TIGA, said:
“News
of Silicon Valley Bank's new UK branch is extremely welcome: it should lead to
more choice, competition and improved services. This is good news for games
developers and other high technology businesses.
“Silicon
Valley Bank’s decision to open a branch in London also shows the significant
contribution the UK makes to technology. It confirms the important standing of
the UK in Europe as a vitally important technology hub and one which deserves
investment and encouragement.
“The bank understands the needs of technology companies. This is good news
for games developers and digital publishers and other high technology firms,
which often struggle to persuade other banks of their value and potential. TIGA
research published in October 2011 showed that two fifths of developers
reported difficulty in accessing finance. This needs to change if the UK high
technology sector is to fulfil its potential.”
Notes to editors:
About TIGA:
TIGA is the trade association representing the UK’s games industry. The
majority of our members are either independent games developers or in-house
publisher owned developers. We also have games publishers, outsourcing
companies, technology businesses and universities amongst our membership. TIGA
was awarded ‘Trade Association of the Year’ and the ‘Member Recruitment Award’
at the Trade Association Forum Best Practice Awards 2010.
TIGA has also been
named as a finalist in the 2010 Chartered Management Institute (CMI) National
Management and Leadership Awards in the category of ‘The Outstanding
Organisation of the Year Award (SME)’. TIGA is an ‘Investors in People’
accredited organisation.
TIGA's vision is to make the UK the best place in
the world to do games business. We focus on three sets of activities:
political representation, generating media coverage and developing services
that enhance the competitiveness of our members. This means that TIGA
members are effectively represented in the corridors of power, their voice is
heard in the media and they receive benefits that make a material difference to
their businesses, including a reduction in costs and improved commercial
opportunities.
For further information, please contact Dr
Richard Wilson, TIGA CEO on: 07875 939 643, or email richard.wilson@tiga.org.