Brexit  

Minister pledges fintech sector support post-Brexit

Minister pledges fintech sector support post-Brexit

The City minister has said he is determined to make Brexit a success for the country's fintech industry.

Speaking at the Tech and Fintech Expo in London today, Simon Kirby said the industry is currently in "rude health".

He said the government would not rest on its laurels and would be "paving the way for a whole new wave of innovation".

Mr Kirby said: "We live in an age where businesses don’t want to limit their horizons. They don’t want to limit themselves to this market or that but to go global and to have the freest possible trade across the world.

"And in this industry, which is so internationally facing, that is particularly the case – and I think even more so for companies operating in things like payments, foreign exchange and remittances.

"And that is why, in the Brexit negotiations to come, we will be striving for a deal which enables companies to trade effectively in goods and services across Europe.

"So when it comes to Brexit, let me reassure you on two key points.

"Firstly, that this government is determined to make our withdrawal from the EU a success for the fintech industry too.

"And secondly, that we will be out there, listening to you, and to your ideas about how we can do that."

Mr Kirby added that the government wants to address the amount of investment Britain is getting in the fintech sector.

He said that even before the Brexit referendum, this was one of the UK's "weaker areas" if compared with the likes of Silicon Valley.

Mr Kirby said: "We know that in these more uncertain times for the UK, people might feel more cautious about investing here.

"That’s why this government is going to keep on banging the drum for British investment and showing the world what we have to offer in the UK.

"Whether that’s our time zone or our language, our skills and talent or our research and development and our effective regulatory system or our competitive tax regime.

"There are countless reasons why the UK is still home to the greatest concentration of finance, technology and professional services on the planet.

"And we want to keep it that way."