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NEWS FinTech luminaries mull over Brexit Reporter Alex Hamilton
There were a few worried faces at the Level39 FinTech accelerator, situated in London’s Canary Wharf, during July
impressive, according to Wintermeyer, and will play a key part in the months and years to come.
William Russell, Alderman of the City of London, followed Wintermeyer on stage. “For 800 years the City of London has supported the economy,” he announced. “You have no greater supportive partner than the City of London Corporation.” Despite this, he admitted, it would be foolish for corporations and companies to bury their heads in the sand and pretend a Leave vote didn’t happen and that it wasn’t against the wishes of many in the industry.
convened a “Town Hall” meeting on what challenges the industry might face post-Brexit. Small talk was jovial but when CEO Lawrence Wintermeyer took to the stage he had the rapt attention of attendees.
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80% of the FinTech community surveyed by Innovate Finance said that they voted to remain in the European Union (EU). That has left many with a sense of confusion and abandonment. In a post-Brexit era, FinTechs will want access to the single market as a bare minimum, as they need to keep attracting talent and investment from overseas.
“The government may be rudderless,” he said, referring to the resignation of David Cameron and the impending arrival of Home Secretary Theresa May at 10 Downing Street, “but its communication with the industry continues.” The Financial Conduct Authority’s (FCA) “energy” and drive to keep things going has been
ndustry association Innovate Finance had
The financial system, Russell insisted, was holding itself well despite the circumstances. He impressed, as Wintermeyer did, that access to the European single market would be paramount, as passporting, immigration and ease of access were the lifeblood of an innovative industry.
One factor that ran through a lot of the talks at the event was that “the decision had been made”. On a number of separate occasions speakers insisted that “Brexit meant Brexit” – it would now be up to the industry to make sure it coped with the new reality.
With that the next person to address the audience was Chris Woolard, Director of Strategy and Competition at the FCA. He stressed that EU law and regulations would remain in place until the negotiations for a European exit were complete, and that the regulator was working closely with the government to ensure a smooth transition.
Further afield, deals with Singapore and Australia were
www.ibsintelligence.com © IBS Intelligence 2016
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