It will be a long time before all becomes clear, but the future isn’t bright for fintech in the U.K., says the Wall Street Journal:
Europe is a key region for payments experimentation, with licenses allowing technology upstarts to make digital transfers across borders, a contrast to the U.S., where every state requires its own license.
But the U.K.’s exit from the EU could throw up hurdles in the way of fintech companies doing business across the block and disrupt continuing discussions about how they can work with incumbent banks and networks.
oh my god fintech forget about it. Non tariff barriers will be extraordinary. London fintech is done. https://t.co/dCFi851P9e
— Dan Davies (@dsquareddigest) June 24, 2016
— Simon Taylor (@sytaylor) June 27, 2016
It’s hard to think of anything else but the devastating effects of #Brexit
— Spiros Margaris (@SpirosMargaris) June 25, 2016
— Chris Gledhill (@cgledhill) June 24, 2016
Top VC/tech worries re: Brexit
1 – Talent drain
2- Key EU & foreign LPs shifting away from UK funds
3 – End of common regs (fintech/biotech)
— Marcelo (@ballve) June 24, 2016
— Paul Johnston (@qubixpj) June 26, 2016
— IBS Intelligence (@IBSIntelligence) June 24, 2016