- An exodus of “fintech” companies from Britain has begun, the chief executive of a leading firm has said, dashing the government’s hopes of building the UK into a world leader for the industry.
- Every reasonably-sized company in the flourishing financial technology sector – involving e-lending, money transfers and the banking markets – is now actively looking at moving staff and investment out of the country because of the uncertainty caused by Brexit, it is claimed.
- Simon Black, chief executive of PPRO Group, reputedly one of the fastest-growing fintech businesses in Europe, said his firm was now starting an operation in Luxembourg because of question marks over whether UK-based companies would still be able to trade in the rest of the EU under current “passport” rules which are granted to all member states.
- Black said the industry could not wait for the outcome of Brexit negotiations, so investment that could have been made in the UK was being diverted overseas.
- Liberal Democrat Treasury spokesman Susan Kramer said: “George Osborne promised to make London the centre for fintech but under this Conservative Brexit government it will only be job centres that see any dramatic growth.
Leading ‘fintech’ player says ‘the exodus is beginning’ as members of £6bn industry start seeking other bases in Europe
Continue reading “Hi-tech financial firms flee UK amid doubts over Brexit”
- Business Day | Santander Says First UK Bank to Use Blockchain for Overseas Payments
- Metzger said unless all the banks are using the same technology then the “last mile” of its pilot using blockchain will use slower, existing payments links.
- The technology may eventually allow banks to settle the estimated annual $26 trillion of international transactions almost instantaneously.
- That compares with settlement times of days under the current systems used by banks. “
- In March, broker ICAP said it was the first to distribute data on trades to customers using blockchain.
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@JDComforte: “Santander Says First UK Bank to Use Blockchain for Overseas Payments #payments #blockchain”
Santander is the first British bank to start using the technology behind virtual currency Bitcoin for recording international payments, and may start rolling out the service to customers next year, the head of innovation at its UK arm said.Blockchain, or distributed ledger technology, creates a shared database in which participants can trace every transaction ever conducted. Its proponents say it has the potential to shake up how financial markets operate.Santander said about 6,000 staff in Britain would be eligible to begin using the technology internally in a pilot program that aims to make the transfer of money faster, more accurate and more transparent. The technology may eventually allow banks to settle the estimated annual $26 trillion of international transactions almost instantaneously. That compares with settlement times of days under the current systems used by banks.
Santander Says First UK Bank to Use Blockchain for Overseas Payments