How blockchain technology can set us free from this Brexit time warp

  • In particular, negotiators need a crash course in blockchain, the distributed ledger technology that enables multiple parties to share and update records of transactions with no need for a single central authority.
  • In fact, blockchain has many potential applications post-Brexit – not least as a single central register for tracking all movements across the invisible border Mr Davis envisages.
  • Many in the City are terrified that Brexit means an end to the passporting system that enables UK-based banks, insurers and investment managers to trade across the EU, says Mr Overli – – – – – – – – Elsewhere, take customs controls, where the UK is adamant that trade…
  • Many in the City are terrified that Brexit means an end to the passporting system that enables UK-based banks, insurers and investment managers to trade across the EU.
  • A bespoke solution for the UK’s relationship with the EU should not be one that puts us back to 1973 – if we’re smart, new technologies can ease some of the Brexit pain.

Stuck in a 1973 time warp? The failure of policymakers to engage with the potential of technology during the Brexit debate is one of the most persistently disappointing aspects of the negotiations.
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UK is capital of Europe for fintech unicorns

  • Britain houses four fintech “unicorns” – companies valued at $1bn (£780m) or more – with a combined valuation of $18.5bn, according to a report by the technology investment bank GP Bullhound.
  • London has emerged as Europe’s fintech capital in recent years, with a swell of high-profile start-ups attempting to shake up the financial sector.
  • However, the report showed that both Europe and the US are lagging behind China as a hub for fintech.
  • Funding to Asian fintech companies surged to $7.1bn last year, more than in the US and Europe between them.
  • Investors put $4.6bn into American fintech firms against $1.4bn in Europe.

The UK dominates the European financial technology industry, with figures showing it boasts more billion-dollar fintech companies than the rest of the continent put together.
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UK is capital of Europe for fintech unicorns

  • Britain houses four fintech “unicorns” – companies valued at $1bn (£780m) or more – with a combined valuation of $18.5bn, according to a report by the technology investment bank GP Bullhound.
  • London has emerged as Europe’s fintech capital in recent years, with a swell of high-profile start-ups attempting to shake up the financial sector.
  • However, the report showed that both Europe and the US are lagging behind China as a hub for fintech.
  • Funding to Asian fintech companies surged to $7.1bn last year, more than in the US and Europe between them.
  • Investors put $4.6bn into American fintech firms against $1.4bn in Europe.

The UK dominates the European financial technology industry, with figures showing it boasts more billion-dollar fintech companies than the rest of the continent put together.
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Hi-tech financial firms flee UK amid doubts over Brexit

  • 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
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UK financial services will flourish despite Brexit challenges

#UK #financialservices flourish despite #Brexit  #London #EU #Payments #Bitcoin #finance #VC

  • Big decisions are being made in the UK’s financial services industry this year and they are not all about Brexit.
  • The regulatory agenda continues to drive massive change, not least the rules on ring fencing.
  • The digital and financial technology agenda, open banking, changing pension rules and ever increasing competition are also front of mind.
  • Expectations of financial services providers from customers – be they consumers or businesses – continues to rise at an insatiable pace.
  • These decisions will be made against the backdrop of an economic outlook for the UK that is certainly encouraging.

Big decisions are being made in the UK’s financial services industry this year and they are not all about Brexit.
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Blockchain

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  • Technology must be designed differently for financial institutions
  • These two technologies may help shape the future of the financial industry
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Britain could join USA, Canada and Mexico in new free trade area after Brexit

  • N afta looks set to be reformed or scrapped after Mr Trump repeatedly attacked it during the US presidential campaign.
  • Thirty-four US states are said to rely on trade with Canada, which supports nine million American jobs, while exports to the United States represents 20 per cent of Canada’s GDP.
  • During the campaign Mr Trump was passionate talking about how he would renegotiate Nafta, and rip it up and “walk away” if he couldn’t get a successful renegotiation.
  • Britain could join USA, Canada and Mexico in new free trade area after Brexit
  • Its supporters argue that a new Nafta including the UK is possible once Britain has freed itself from its obligations to the EU.

Britain could become an “
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