France Wants A Piece of Britain’s Financial Industry
France wants a piece of Britain’s financial industry, and the nation says it might make a bid if Brexit doesn’t play equal in Brexit negotiations. According to a London City figure, French officials will aim to harm Britain’s financial industry as payback for Brexit. According to Anthony Browne, chief executive of British Bankers’ Association, sources said confidentially a plot to prevent UK access “under a so-called equivalence regime” would preclude Britain from getting access to EU markets “provided UK rules are as strong as those overseas.” According to This Is Money UK: “The warning....
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Chancellor of the Treasury George Osborne said on Wednesday that he had instructed the government to explore the possibility of Britain embracing Bitcoin as part of a larger plan to make the country a “global center of financial innovation,” as he was quoted by the BBC. “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, here and around the globe, and create the jobs and growth we all want to see in the....
Since Britain’s vote to leave the European Union in June, there have been several discussions surrounding London losing its spot as a leading global fintech hub. The topic became particularly interesting after Paris Europlace, which promotes French finance plans, chose to travel to London to entice financial firms and professionals. The French government agency, Business France, also distributed leaflets to promote the benefits of working and living in Paris. On the other side of the border, Frankfurt city officials set up a specialist hotline for banks that want to discuss moving....
Paris has recently demonstrated that it can keep up with the big guys and could prove a threat to London’s status as lead FinTech hub. Earlier this week Paris hosted its Paris Fintech Forum, which saw over 1,500 bankers, investors, and entrepreneurs gathering to discuss the potential of FinTech in France. Tripling its turnout compared to last year’s event, it looks as though Paris is taking advantage of U.K.’s recent Brexit vote – and Britain’s Supreme Court ruling stating that Prime Minister Theresa May needs MP votes to trigger Article 50 – and are increasing pressure within the....
Not wanting to be left behind in the global FinTech engineering race, corporate leaders from around France have banded together to create the France FinTech association. FinTech has become a hot topic worldwide, as new financial service technologies and business have been springing up over the last two years. Technological hotbeds like London, New York, and Silicon Valley are on the cutting edge of the latest advancements in finance, technology, and engineering. Innovations include digital currencies like Bitcoin, regulation and oversight initiatives like New York’s BitLicense, and....
Circle, a Bitcoin exchange and services startup is granted an electronic money license by the British government through its foremost financial regulator. The milestone marks the first time that Britain has bestowed a license upon a bitcoin company. The license was granted by Britain’s primary financial regulator, the Financial Conduct Authority. The move further Britain’s public and determined stance to stand out as the go-to hub for financial technology. Circle facilitates currency transfers by converting them to bitcoin first, with all transactions verified and recorded on the bitcoin....