Brexit Delays, More Uncertainity for the Fintech Sector
The recent Supreme Court ruling requires the British government to get parliamentary approval before initiating the Brexit process, fintech industry faces uncertainty. Brexit is a crucial event for the fintech and blockchain sector. The post-Brexit world will decide the fate of the European Fintech ecosystem. But the separation of England from the European Union may not be happening anytime soon. According to reports, the English Supreme Court has ruled that the Prime Minister of Great Britain, Theresa May has to seek the approval of the parliament before setting the wheels of Brexit in....
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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....
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....
The German fintech sector expected to outperform other countries in the coming years. The European financial sector is witnessing a tectonic shift resulting in the relocation of continent’s fintech hub. Until now, London has been the financial hub of the entire continent. The United Kingdom boasted of housing some of the best fintech companies developing cutting edge products. However, Brexit has poured water over the country’s big plans. With Britain’s eventual exit from the European Union, the focus of fintech market has shifted from London to Berlin. The change is evident in the German....
UK's bustling fintech sector may soon be a history if the country doesn't introduce an alternative to EU passporting regulations. Britain’s digital currency ecosystem is in peril. The impending collapse of Britain’s fintech ecosystem has already been covered on multiple occasions. A recent report published by the House of Lords committee reinforces the industry’s perilous position post-Brexit vote. The report addresses the threat to over 7 percent of UK’s GDP as the UK fintech sector, headquartered in London currently employs over 1.1 million people from across the world. The report titled....