UK Banks Rally Behind Fintech Industry

In a bid to help Britain maintain its position as a world leader in the tech sector, banks and startups in the United Kingdom have come together to rally behind the fintech industry.

Some of the leading banks in the world have come together to give their support for fintech startups in the United Kingdom while entrepreneurs have pledged to remain in the country instead of bringing their businesses somewhere else in Europe.

More than 20 financial institutions including HSBC, Lloyds and UBS alongside, Canary Wharf’s fintech hub Level39 have embraced the idea of helping the United Kingdom remain innovative and a place where startups can flourish.

Ben Brabyn, the head of Level 39, revealed that now is the time to show the world that London will continue to an ideal place for fintechs to do business, stating:

“Against a backdrop of market uncertainty and Brexit negotiations, now is the time to start telling a more positive story about London’s continued position as the leading fintech ecosystem in the world.”

John Elliott, Investec’s head of fintech and innovation, also gave the point that “technologies built in the UK are designed to work globally, whereas other ecosystems tend to simply work domestically.”

Some top executives from Mastercard, Fidelity, and Aviva are also on board, and the group foresees that more banks and startups will support their push to keep fintech startups in the United Kingdom.

The industry group Tech City UK, and the UK Treasury also recently designed the Fintech Delivery Panel (FDP) which is created to collect support from across the industry to promote fintech business in the country post-Brexit.