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Business

UK's fintech sector brushes off Brexit, for now

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Opening sequence

Business

UK's fintech sector brushes off Brexit, for now

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COMING UP:UK's fintech sector brushes off Brexit, for now

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Transcript

00:00:00
>> Six weeks on from Britain's vote to leave the European Union, signs beginning to emerge that the UK might just be able to keep its status as the world's capital for Fintech. I'm Reuters correspondent Jemima Kelly in London's Canary Wharf. Fintech stands for financial technology. Post financial crisis people's trust in traditional finance in the banks faded a lot, and people were looking for alternatives, and suddenly there was an opportunity for these startups to come in and shake things up.
00:00:31
I think, like the rest of Britain, the Fintech sector was in shock after the vote. There was quite a lot of worry that because of Britain potentially loosing access to the single market, that companies would be forced to leave. There are 61,000 workers in Britain's Fintech industry and innovate finance which is the trade body for the Fintech sector reckons that about 30% of those are from outside Britain, and the majority of those are from the European Union.
00:01:01
But after the initial shock, I think people are now telling us that there is enough in Britain and in London in particular to make them stay. The regulation in Britain is quite light touch regulation towards Fintech startups. London kind of has a unique advantage in having both the tech center and the finance center in the same place.
00:01:22
Where somewhere like Berlin for example is a great tech center, there's lots of start ups there, but the financial center is in Frankfurt so they don't have everything together like London does. So I think there's a lot of hope that London will be able to hold on to its status as a definitely European fintech harbor if not one of the leading homes for Fintech in the world.