As I work here in Belfast on a new Grow Advisors project with a firm in Ukraine. We mark the edges of Europe and it shows that we are part of a global ecosystem.
Since the Brexit vote there has been a lot of debate about Financial centres and whether London’s dominance in Europe will be threatened by others once article 50 is evoked. London’s FinTech eco system has come under debate as many companies provide services that are regulated by the FCA and they then passport the service across Europe. Many firms also leave their home nations to move London to obtain a licence and then passport back again. Some are arguing that the Brexit decision puts this strategy into question. It’s also clear that successful fintech firms operating in a regulated environment accept this as the nature of their service. At a Fintech Ireland event in Belfast this week, a number of firms spoke of their concern at the impact of Brexit. Established firms represented at the event explained that they already work across Europe, Asia and the US. They have established divisions in different countries, engaged with different regulators to ensure they operate in a compliant way. The difficulty will be for start ups as this is an expensive process but for them it will be another hurdle they have to cross to grow their business along with growing a team, developing technology, raising investment, finding customers etc.