- Some fintech companies may be leaving London but others are hopeful that investors will keep coming in post-Brexit
- Experts say that the UK is still the centre for fintech around the world
- FinTech Week organisers have started advertising the event
The fintech industry is getting a lot of encouragement to keep pursuing innovative solutions not only to strengthen the industry but to ensure that the country is still a friendly environment for investors. Despite fears of what is going to happen once the UK leaves the European Union, fintech companies in the United Kingdom are reportedly more enthusiastic when compared to a month before. With fintechs leaving London for Brussels and other European cities, the general outlook was bleak. Reports add that fintechs and financial firms are leaving the UK with billions of dollars' worth of assets in tow.
TransferWise, one of the most popular fintechs that allow consumers to transfer money internationally at better overseas transfer rates, has confirmed that it is moving its operations to Belgium.
Organisers of the upcoming FinTech Week are not worried though, according to observers. They told reporters this week that the key theme of the event is to ensure that the country remains a good choice for fintech investors. UK FinTech Week is scheduled for 29th April to 3rd May and organisers have already started advertising the event.
The Governor of the Bank of England, Mark Carney, is scheduled to speak at its flagship event, organisers confirm. According to observers, this is a piece of information that reportedly gives away what companies should be thinking about — that investors might be discouraged because of the Brexit.
UK FinTech Week will take place across the country. According to the organisers, there will be a series of events that will showcase the United Kingdom as an innovation hub. UKFW includes HM Treasury, the London Stock Exchange, the City of London, London & Partners, Innovate Finance, and the Department for International Trade.
“In the global race for fintech leadership, the UK is dominating”, said Charlotte Crosswell, the CEO at Innovate Finance, UKFW Partner. “It is the fintech capital of the world”, she added. The UK is indeed a key hub in the industry. Crosswell said that four of Europe’s biggest deals happened in the UK in 2018.
“It is important that the UK continues to attract a diverse pool of talented individuals who will develop and fuel the sector”, Crosswell explained. “With the global nature of the UK fintech workforce, access to international talent and developing the UK’s domestic skills pipeline are key priorities in reinforcing its position as a world-leading hub for financial services innovation. It is equally important that we also strive for diverse talent, from supporting more female leaders to greater ethnic diversity in financial services. We must continue to protect the interests of UK fintech businesses and the people that work within our community and showcase that the UK provides access to the best possible support for fintech, from education to capital”, she said.
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