Brexit Fears Haunt UK FinTech
Britain will vote on the European Union Referendum on Thursday when millions of people will decide whether or not to stay in the EU. If Britain decides to leave, though, it could cost the UK economy as much as $5 billion over the next five years, according to a report conducted by consultancy William Garrity Associates. When it comes to the Brexit campaign there seems to be one theme consistently circulating: that EU regulation is stifling those who want to branch out on their own and make a name for themselves in the world of business. Naturally, you would think then that the FinTech....
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The founder and CEO of Starling, a digital bank, has expressed her views stating that EU laws have helped to shape the U.K.’s FinTech sector, but she fears that the result of Brexit could see the sector stalling. Anne Boden, who set up Starling in 2014, praised the EU by saying that it had come up with ‘very good payment and banking legislation,’ according to a report to the Financial Times. She said: I know the traditional banks don’t always like it, but if you look at it from a competition and innovation point of view, and especially for the development of fintech, then European....
The U.K. government needs to provide a ‘Brexit Blueprint,’ according to London’s FinTech community, that embraces the single market access and financial services passporting, as dread mounts in light of the Brexit vote. Innovate Finance recently conducted the survey of 100 member firms which looked at the fears surrounding London’s future as the capital for FinTech startups after the European Union referendum results. Currently, there are 66,000 people employed within the U.K.’s growing FinTech community, of which 30% are thought to come from the EU and overseas. One survey participant....
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Sweden has emerged as a favorable alternative to fintech companies planning to set up base in EU following Brexit. With Brexit around the corner, Sweden could present itself as one of the alternative destinations for the European financial industry. The upcoming Brexit has turned into a speculator’s game. Britain’s exit from the European Union is expected to have a divisive effect on the country’s thriving finance and financial technology sector. All the efforts put in by the City of London to foster a healthy fintech ecosystem may go to waste as companies risk losing free access to the EU....
Bitcoin took a dip Tuesday as traditional markets suffer the jitters over fears of a "no-deal" Brexit.