Brexit hits UK fintech as China challenges London’s lead

Despite fintech companies, which are seeking to shake up the traditional bank-dominated business of lending and payments, have all flocked to London in recent years with the aim of offering customers superior and often lower cost services, the UK is at risk of losing its reputation as the world’s leading fintech centre, the FT reports, as the number of innovative companies in China is rising rapidly, a new report points out confirming that the UK is losing ground, occupying 13 of the top 100 positions compared with 18 last year.

Warren Mead, global co-head of fintech at KPMG, said the emergence of China as “a market leader” and the increasing globalisation of fintech means UK policymakers and regulators will “have to continue to work hard to maintain our position”.

In fact, even though funding for fintech is on the rise,  with the top 50 companies attracting $14.6bn of capital since last year, marking an increase of more than 40 per cent in just 12 months, funding in the UK has come into question following the Brexit vote and intensifying competition elsewhere, especially in China.

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