Significant policy changes and reform of London’s company listing regime in the wake of Brexit is set to spark a “digital big bang’ in the UK in a bid to accelerate the growing fintech industry within the nation — according to a recent, government-commissioned review.
The report, published in February 2021, highlights that Brexit’s regulatory uncertainty and growing global competition could undermine the UK’s position as a leader in the world of fintech unless action is taken.
The review was carried out by the former Worldpay chief Ron Kalifa and is one of a number commissioned by the government to help strengthen the UK’s status in the world of finance and technology.
As things stand, the UK is a European leader in terms of the number of companies operating in fintech and new fintech endeavors starting out. However, complications arising from Brexit may lead to the loss of ground between the UK and the likes of Germany and France as one of the world’s favorite destinations for establishing a fintech endeavour.
Both finance and technology sectors are under greater pressure from rivals since the UK’s exit from the European Union at the start of 2021, but it’s possible that Brexit could provide a little more freedom to convert the nation into an even more appetising prospect to retain and build on the support of the developing fintech industry.
With global fintech revenue expected to reach more than $300 billion by 2022, there’s plenty of justification behind the UK prioritising its fintech industry as a key area to retain businesses and work on attracting fledgling companies. Let’s take a deeper look into how the UK looks to capitalise on the growing fintech market in the wake of Brexit.