As the United Kingdom edges closer to Brexit, significant voices in the FinTech sector are advocating for increased ambition to maintain its global leadership.
With the recent political shifts and looming uncertainties, industry leaders stress the importance of strategic planning to safeguard the UK’s prestigious standing in financial innovations.
The Need for Greater Ambition
The United Kingdom’s FinTech sector is renowned globally as a leading force in financial innovation. Yet, as Brexit looms, industry experts like Greg Michel urge a doubling of ambition to maintain this prestigious status. “When fintech is mentioned, people still think of London,” Michel remarks, highlighting the country’s current standing, yet acknowledging the precarious position amid Brexit uncertainties.
Impact on Regulatory Framework
In the context of Brexit, concerns are shifting from the event itself to the potential regulatory changes that may follow. Felicia Meyerowitz, CEO of Akoni Hub, shares this sentiment. She suggests that businesses need clear guidance on regulatory structures, as uncertainty is causing more concern than Brexit itself. Companies are setting up European-regulated structures without knowing future compliance requirements.
For start-ups like Akoni Hub, which is in its pre-revenue stage, regulatory uncertainty poses a significant challenge. The company, which recently secured £1.5 million in seed funding, is navigating the complexities of establishing compliant frameworks amid unclear post-Brexit guidelines. The lack of concrete government policies and timelines exacerbates these challenges.
Embracing the ‘B’ Word
Tim Kimball, CTO of Aire Labs, approaches Brexit with a notably different perspective. “We should embrace the [Brexit] word,” he asserts, advocating for a pragmatic approach to the impending changes. Kimball’s viewpoint encourages the tech community to face Brexit head-on, rather than view it as a threat.
Rachel Bentley, FinTech senior manager at KPMG, echoes this sentiment, suggesting that the sector’s resilience can be bolstered by proactive adaptation rather than fear. She believes that accepting Brexit as an inevitable factor is essential for strategic planning.
Voices from the Industry
The dialogue surrounding Brexit’s impact on FinTech is enriched by insights from various industry leaders. Jonathan Simnett of Hampleton Partners highlights the importance of innovation during times of change. Paul Surtees, managing director at Capitalise, emphasises the need for businesses to remain agile.
Kerim Derhalli, CEO of Invstr, stresses the role of technology in helping companies adapt to post-Brexit realities. He asserts that leveraging technological advancements can ease the transition and open new avenues for growth. Meanwhile, Emilie Bellet of Vestpod underscores the importance of community support within the industry.
The collective insights of these industry figures provide a comprehensive view of the future landscape for FinTech. Their voices serve as a reminder that collaboration and cross-sector partnerships could be crucial in navigating the complexities of Brexit.
Navigating the Uncharted Waters
As the UK prepares for Brexit, FinTech leaders are urged to leverage their adaptability and innovation. Brexit is seen less as a barrier and more as an opportunity to redefine success in the sector. By capitalising on inherent strengths and preparing for regulatory shifts, the UK FinTech industry can continue to prosper.
The call for increased ambition is more than just rhetoric. It’s a strategic move to ensure that the UK retains its competitive edge. The emphasis is on thinking long-term and preparing for a future where London remains synonymous with financial technology excellence.
Final Thoughts from the Experts
The overarching message from industry experts is clear: Brexit, while challenging, also presents an opportunity for growth and reinvention. Through sustained ambition and strategic adaptation, the UK’s FinTech sector can emerge stronger and better equipped for the future.
In conclusion, the narrative around Brexit should be one of optimism and opportunity. By embracing change and fostering innovation, the UK can secure its position as a global leader in FinTech.
Ultimately, Brexit offers the UK FinTech sector both challenges and enormous opportunities for growth and innovation.
By embracing change and fostering strong industry collaboration, the UK can navigate these uncharted waters and emerge stronger on the global stage.