Brexit triggers race to dethrone London
A perfect combination of business opportunities and friendly regulation in recent years has made London the European, if not the world, capital of financial technology companies, or FinTechs.
Now, Brexit could take the title away and in its wake, complicate the rise of the nascent industry in Europe, but British capital won’t give up its top place in the FinTech world easily.
Other aspiring European FinTech hubs like Berlin, Stockholm and Zurich are hoping that London’s loss will mean a potential gain for them. This, in turn, is forcing U.K. financial regulators to go on the defensive as they continue their work of balancing the interests of financial startups and their customers.
How these competing interests play out is likely to determine the future of new finance in Europe (and probably beyond).