Brexit Dread Spreads Around London’s FinTech Scene
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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Following the Brexit vote, many fintech employees are now marching towards Berlin. The recent Brexit vote in favor of Britain leaving the European Union has so far had mixed consequences. While there are few sectors that tend to benefit from it, London’s financial sector is not one among them. London has been trying hard over the past few years to gain the distinction of being the fintech capital of Europe. This ambition has led to the creation of a favorable atmosphere for many fintech startups, including those dealing with cryptocurrency and blockchain technology. With the country is now....
Following the Brexit vote in June, there has been a significant drop in venture capital funding in London, prompting some to think that the city could lose its position as the FinTech capital. According to a report from the Financial Times, new figures released show that funding in the FinTech sector dropped in 2016. Innovate Finance, the U.K.’s financial technology trade body, found that since Brexit venture capital funding dropped as FinTech companies in the U.K. deal with the Brexit effects. Innovate Finance reported that, globally, venture capital funding for FinTech companies grew....
Regulators in the U.K. and Canada have signed an agreement that will assist FinTech companies, making it easier for them to expand into each other’s markets. In a report from Insurance Journal, the agreement between the U.K. Financial Conduct Authority (FCA) and the Ontario Securities Commission (OSC) is aimed at helping financial technology firms work with regulations. The FCA and the OSC already have the own FinTech programs in place designed to help startup companies meet the requirements necessary and to test products under their guidance. In November, the FCA announced the first 24....
The race is on between European cities including Frankfurt, Dublin and Paris for London's finance crown following the Brexit vote. Just a day after the vote result was announced last week, Ireland's foreign investment agency had already contacted more than a thousand investors letting them know the Emerald Isle is part of the European Union and will remain so, while offering assistance in moving staff over from the United Kingdom. Although this is all very premature as Article 50 is yet to be triggered and when it is, there will be up to two years of negotiations, these other major....
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....