In the aftermath of June's Brexit vote, financial services
businesses are concerned about the impact the vote to leave the
European Union (EU) will have on London's financial services
sector. Will London's status as a world-leading FinTech hub be
affected?
It is difficult to predict what impact Brexit will have on the
FinTech scene until after the new Prime Minister, Theresa May, has
set out her plan for the UK's reformed relationship with the EU
and access to the single market. Even then we will not have
certainty, as her plan will then need to be negotiated in
Brussels.
However, it is certain that the Brexit vote has generated
uncertainty about the future of European integration which creates
challenges for FinTech start-ups and incumbent financial
institutions (incumbents). There are now question marks over:
(1) the UK's continued access to the single
market and "passporting" rights; (2)
access to top quality talent; and (3) access to
investment for FinTech
