According to news reports fallout from the vote to leave the European Union is already threatening the growth of financial technology firms in Britain, industry officials said on Wednesday, 2 November.
Bruce Davis, managing director of crowdfunder Abundance Investment, claimed that since Britain voted to leave the EU, fintech was finding it harder to make its voice heard in government and Brussels.
The thing is worth more than a reasoning as the EU is currently revising rules for how fintech companies set out information for potential investors.
Davis, in fact, pointed out the ability of Britain to influence those rules has been hampered by the resignation of Briton Jonathan Hill, who quit his role as financial services commissioner due to the Brexit vote.
“We are at the bottom of the pile. An FCA request now will not be treated at the same speed as it was before, you can definitely see that as an impact from now,” he added.
Furthermore, it has to be considered the impact Brexit may have on the fintech industry, particularly if access to skilled workers will be restricted, as Harriet Territt, partner of Jones Day, the largest law firm in the US and one of the ten largest law firms in the world, stated in this interview where she also noted that FinTech is considered vital to stable financial economies.
However, Brexit may present opportunities for the sector, she argues.