UK sets out blueprint to rescue fintech companies after Brexit

UK sets out blueprint to rescue fintech companies after Brexit

A man crosses the road at a financial district in London. File/Reuters Brexit, COVID-19 and overseas competition are challenging fintech's future in Britain and the country should act to stay competitive, a government-backed review said on Friday. Britain's departure from the European Union has cut the fintech industry's access to the world's biggest single market, making the UK less attractive for fintechs wanting to expand cross-border. The review headed by Ron Kalifa, former CEO of payments fintech Worldpay, sets out a "strategy and delivery model" that includes a new billion pound start-up fund and fast-tracking work visas for hiring the best talent globally. "It's about underpinning financial services and our place in the world, and bringing innovation into mainstream banking," Kalifa told Reuters. Britain has a 10% share of the global fintech market, generating 11 billion pounds ($15. 6 billion) in revenue. "This review will make an important contribution to our plan to retain the UK's fintech crown," Finance Minister Rishi Sunak said, adding the government will respond in due course. The review said Brexit, heavy investment in fintech by Australia, Canada and Singapore, and the need to be nimbler as COVID-19 accelerates digitalisation of finance, all mean the sector's