Sunday 26 February 2017

London's fintech loss could be Dublin's gain as Brexit looms

London has worked hard to cultivate its reputation as a top global location for so-called
London has worked hard to cultivate its reputation as a top global location for so-called "fintech" firms

Irish authorities will be on the lookout as some of London's brightest financial technology talents have begun weighing a future elsewhere.

That is prompted by worries that Britain will lose its position as an industry hub if it opts out of the European Union in four months' time. Attracting early stage fintech businesses to Ireland was a key target for the outgoing coalition government.

London has worked hard to cultivate its reputation as a top global location for so-called "fintech" firms. These are technology startups that aim to compete with traditional banking and financial services, such as money transfer company TransferWise, crowdfunding platform Crowdcube and peer-to-peer lender RateSetter.

The British capital is in a fierce race with San Francisco, New York, Berlin and Hong Kong to remain a leader in the fast-growing sector, an ambition outlined by finance minister George Osborne in 2014.

Ireland also wants in on the action.

As the June 23 referendum on Britain's EU membership looms, the industry is worried London will lose momentum and its reputation for innovation outside the single market.

Irish Independent

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