City Minister: ‘Brexit is an opportunity as far as fintech is concerned.”
The minister charged with looking after financial services says the government is “absolutely committed to fintech.” Furthermore, he believes it could be a core part of UK financial services post-Brexit.
“There will be changes. Some of them will be positive changes. There are things like insurance-linked securities. This has a huge potential for us to do well. Green finance, Islamic finance. These are all growth areas that we’re at the cutting edge of.”
Fintech — financial technology — has exploded globally in the wake of the financial crisis. Scores of startups are springing up applying new technologies. It is engaged in lending and credit scoring, as well as core banking and clearing. London has become a particular global hot spot. It is home to world-leading businesses such as online money sending business TransferWise and peer-to-peer lending platform Funding Circle.