Opinion

One Fintech Nation: the UK as a fintech hotspot

Opinion, Fintech

Laura Watkins, June 22, 2018

Today we’ve got the second in our four part mini-series on fintech in the UK, a collaboration between Tech Nation and 11:FS (find our about the first episode, where we pop the London fintech bubble, here if you haven’t already). Our latest episode on uniting the fintech kingdom focuses on what makes the UK such a unique regulatory environment. We also take a look at whether Brexit will remove the UK’s fintech crown. This post is just a little teaser for what’s in the podcast.

In episode 2 we examine why UK fintech is so attractive and how to keep the flow of talent and companies coming in. You can/should/need/have to listen to it asap.

UK progressive culture

Decentralisation is a popular issue in the industry; for international fintechs who want to add value to their company, expanding to the UK offers them a chance to do that in a supportive regulatory environment.

The UK offers an acceptance of technologies like crypto that have less government backing in other nations, and provides access to financial institutions so blockchain companies can educate them directly.

Community is at the heart of how fintech works. Fintechs are pointless without the people who make them and the people who support them. And in the UK, having a collaborative community is key to how many companies operate.

This sort of approach is why companies from outside of the UK choose to launch their products here. In a market environment which actively creates opportunities for experimentation, companies are able to prove and refine their product.

Brexit worries

There’s no denying that Brexit is a concern for a great deal of businesses in the UK. However, it’s still up in the air and no-one has any concrete information on how it’ll unfold. But although there are some real fears about how Brexit will affect the fintech community; potential outcomes are being accounted for in the UK’s regulatory framework.

But like I said, no-one really knows what will happen with Brexit. So who’s to say for sure what fintech will look like in a post-Brexit UK. However, with constant collaboration and a competitive environment for the fintech industry in the UK, things are likely to remain bright.

We’ll have another podcast that examines fintech’s power for good next Friday. So get ready to find out what and who is making the world a better place through fintech.