UK banks rally behind fintech startups

Fintech

In an effort to help Britain maintain its position as a world leader in the tech sector, UK banks and startups have come together to rally behind the fintech industry.

A number of the world's leading banks have come together to show their support for fintech startups in the UK while entrepreneurs have promised to remain in the country in lieu of taking their businesses somewhere else in Europe.

Over 20 financial institutions including Barclays, HSBC, Lloyds and UBS alongside Canary Wharf's fintech hub Level39 have committed to the idea of helping the UK remain innovative and a place where startups can thrive.

The head of Level 39, Ben Brabyn explained that now is the time to show the world that London will remain an ideal place for fintechs to do business, saying:

"Against a backdrop of market uncertainty and Brexit negotiations, now is the time to start telling a more positive story about London's continued position as the leading fintech ecosystem in the world."

Investec's head of fintech and innovation, John Elliott also made the point that "technologies built in the UK are designed to work globally, whereas other ecosystems tend to simply work domestically."

Top executives from Aviva, Mastercard and Fidelity are also on board and the group expects that even more banks and startups will get behind their push to keep fintech startups in the UK.

The UK Treasury and the industry group Tech City UK also recently created the Fintech Delivery Panel (FDP) which is designed to garner support from across the industry to promote fintech business in the country post-Brexit.

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