Kalifa Review: UK Fintech competition must play out on the global stage, not the national
Gerard Grech is CEO of Tech Nation
Former Worldpay boss Ron Kalifa has led a review into the fintech industry to encourage more UK success stories like Revolut.
It’s a well-known fact that the UK is a global leader in Fintech, and that London sits at its helm. In 2020 alone, UK Fintech attracted $4.6 billion of venture capital investment, and some 44 per cent of Europe’s Fintech companies valued at over $1 billion (tech unicorns), hail from the UK.
What is less well known is that clusters of excellence are growing across Britain in the area of financial services and technology. Manchester and Leeds, Glasgow and Edinburgh, Birmingham and the West Midlands are fast establishing themselves, with dynamic start-ups such as Goodbox and SquareBook.
The review was led by former Wordplay chief Ron Kalifa and is the first of several intended to aid Prime Minister Boris Johnson’s government as it considers easing regulations on the financial industry. The UK s crown jewel was largely excluded from the British trade deal struck last year with the EU.
Mr Sunak believes the 75,000-strong UK fintech sector serves as a model of the flexible economy he wants to create.
“We want to be innovative, entrepreneurial, agile,” he told the Financial Times.
“We can do things differently after Brexit. We want to be open to the world, we want to be world class at things.”
Fintech-News: Onlinebank Penta sammelt weiteres Kapital ein handelsblatt.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from handelsblatt.com Daily Mail and Mail on Sunday newspapers.
Will there be a post-Brexit financial services and fintech boom?
Published 2 months ago
Brexit has created uncertainty and speculation across the UK financial services industry since before the 2016 referendum was held. Now that Brexit is finally a reality, the opportunities it could presents are beginning to come into view.
The EU-UK Trade and Cooperation Agreement (TCA) which was signed on Christmas Eve 2020 primarily focused on easing trade in goods. Services were only lightly touched upon in the agreement.
As regards financial services, negotiations are yet to start in earnest. The TCA does not go even as far as the EU-Canada trade agreement on financial services, but it does allow for mutual market access by way of establishment, such as the creation of branches or subsidiaries in the other jurisdiction.
JP Morgan Commits £500 Million to LendInvest and Future Loan Originations
January 28, 2021 @ 11:43 am By JD Alois
LendInvest, a top UK based Fintech in the property finance sector, has received a compelling commitment from global banking giant
JP Morgan. According to LendInvest, JPM has committed £500 million for future loan originations via LendInvest. This investment follows the sale of a £125 million mortgage portfolio to JP Morgan in September 2020.
Eric Wragge, Managing Director in Securitised Products at J.P. Morgan, said there is a huge amount of innovation going on in the UK Fintech space, which is taking place both in spite of, and in response to, the broader context of the COVID-19 pandemic.