Monday 11 April 2016 2:54 pm
EU referendum: One way Brexit could actually be good for UK fintech
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.