Since Brexit’s establishment, the UK fintech sector has been scrambling to stay profitable and supreme within the EU and even on a global scale. There have been multiple announcements detailing plans Britain has enacted to overcome this hurdle. For one, they are now able to perform licensing and even test run their services in replicable industries with feedback for improvement in Lithuania. Lithuania has also stated that they are taking appropriate measures to combat money-laundering which has already seen massive spikes since almost all work is being done remotely since the lockdown. Britain has also stated that the UK Treasury is seriously discussing and collecting feedback from shareholders regarding allowing cryptocurrency exchanges to take place through its central bank in an attempt to become the world’s crypto and fintech epicenter. The fintech sector contributes approximately €1.3 billion to the UK’s economy, and is only projected to climb from here if the UK can remain equally competitive.
A new discussion that has been circulating regarding Britain’s fintech success is becoming more immigrant friendly by focusing on serious immigration reform. Not only does this show that Britain is open to the outside world, in hopes of becoming a global hub, but this also opens up the possibility of skilled EU workers choosing to move to Britain where more opportunities are bound to arise. To add to this, the UK will have to implement a Digital Economy Taskforce to ensure that fintech is taking priority across the government. With this underway, Britain will be able to implement reductions to free float requirements and allow more dual class shares. This improvement to various stock-listings rules will improve Britain’s chances at increasing the sector’s visibility to the world with many more fintech stocks.
Fintech is already being recognized from inside and outside of Britain alike as one of their largest crowning achievements and easily one of the brightest shining beacons for their future prosperity. Britain must not let Brexit deter them from taking advantage of this opportunity they have built for themselves in the financial industry and the fintech sector most specifically. A few other improvements mentioned in the UK study, composed by Ron Kalifa, who is the former head of payments-processing company Worldplay, including supporting firms who are developing innovative new technologies and doing a lot of research, as well as implementing fintech into the nation’s foreign trade policy. This will all hopefully generate an expansive and immersive global fintech market for Britain’s future.