Monday 11 April 2016 2:54 pm

EU referendum: One way Brexit could actually be good for UK fintech


I'm City A.M.'s award-winning technology editor, covering everything from happenings at Apple and Google to the latest London startup. In particular fintech, blockchain, artifical intelligence, driverless cars, virtual reality and the sharing economy get me out of bed in the morning. I'm always trying to illustrate stories with pictures of dogs. Sometimes with some success. I was named technology journalist of the year at the UK Tech Awards.

I'm City A.M.'s award-winning technology editor, covering everything from happenings at Apple and Google to the latest London startup. In particular fintech, blockchain, artifical intelligence, driverless cars, virtual reality and the sharing economy get me out of bed in the morning. I'm always trying to illustrate stories with pictures of dogs. Sometimes with some success. I was named technology journalist of the year at the UK Tech Awards.

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The UK's prospering fintech sector has been urged to speak up in favour of remaining in Europe ahead of June's referendum and largely backs staying. But, there could be one serious advantage to leaving the union, some experts suggest

If Britain were to leave, there would be a greater opportunity for innovative technology startups to disrupt the world of finance currently dominated by big banks.

"Wherever there's change, there's always room for disruption", said Ratesetter's Rhydian Lewis, speaking at the Innovate Finance Global Summit.

Read more: Why investors shouldn't ignore the hype about fintech

With the prospect of leaving and everything that entails, innovation would likely fall even lower down the agenda at the big financial institutions, said  Imran Gulamhuseinwala, global fintech leader at EY, speaking alongside Lewis on a panel about fintech regulation.

Banks would likely leave the Square Mile and Brexit was named the biggest domestic risk to financial stability by Bank of England governor Mark Carney earlier this year.

A host of surveys from tech industry groups peg support for remaining in Europe at more than 80 per cent.

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