What Would a No-Deal Brexit Mean for Fintech?

What Would a No-Deal Brexit Mean for Fintech?

London is currently the undisputed fintech hub.

Commentators posit various reasons: it’s an English-speaking city; its access to an educated workforce from across Europe; London’s status as a global financial center; relative openness to innovation in the FCA; the convenient time zone.

It is not clear how a deal or no-deal Brexit would affect the regulatory climate.

London’s status as a global banking center will not go away, but it will suffer a hit.

Since Brexit, more than 400 financial services firms have opened locations in Ireland, and an additional 100 have applied for regulatory approvals.

Given that Ireland is also English-speaking, in a convenient time zone, and friendly regulations, plus a lower corporate tax rate, the UK may have a tough time keeping up with Ireland’s growth as a global fintech hub.

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Dominick DeJoy

Dominick DeJoy

Dominick DeJoy (@dominickdejoy) is the owner of Fintech Drift and a frequent contributor. With a history in finance and tech, he currently works at Preqin, previously was in commercial real estate investing, and was one of Bounce X’s (now Wunderkind’s) first employees.

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