Comment from Meniga – UK Chancellor launches FinTech strategy and blockchain taskforce

Georg Ludviksson, CEO & Founder at Meniga:

“London has traditionally been leading the fintech space within the EU and even world-wide which is why numerous globally ambitious fintech companies like ours have chosen London as their base. In the wake of Brexit, however, many fear that funding and talent will increasingly leave the island. Throughout the Brexit process, and perhaps long after, the UK must continue to reassure fintechs that London will remain the centre of gravity for financial innovation.

My company is an innovation partner to banks, which are increasingly working with fintechs to deploy innovative solutions faster than ever before. The UK has already taken the early lead in Europe in promoting open data, through the Open Banking initiative. Now, I am very pleased to see an outline of a plan from the British government to further strengthen the relationship between banks and fintechs which I believe solidifies London as a global hub for fintech.

Once outside the single market, the UK will become more reliant on collaboration with international markets and unilateral deals are better started sooner than later. We don’t believe this is limited to any one market, for instance Tel Aviv is becoming a hub for cryptocurrencies, while Singapore has been dubbed the Silicon Valley of the East. The fintech sector needs to bring together industry leaders, banking partners, and regulators to facilitate the right conditions for innovation to happen. One area beneficially positioned for take-off in the UK is a host of new retail banking services built on top of open data. If the UK’s financial sector manages to be the launch pad for this new generation of banking, the UK will keep its position as a fintech powerhouse.”