London is currently the undisputed fintech hub.
Commentators posit various reasons: it’s an English-speaking city; its access to an educated workforce from across Europe; London’s status as a global financial center; relative openness to innovation in the FCA; the convenient time zone.
It is not clear how a deal or no-deal Brexit would affect the regulatory climate.
London’s status as a global banking center will not go away, but it will suffer a hit.
Since Brexit, more than 400 financial services firms have opened locations in Ireland, and an additional 100 have applied for regulatory approvals.
Given that Ireland is also English-speaking, in a convenient time zone, and friendly regulations, plus a lower corporate tax rate, the UK may have a tough time keeping up with Ireland’s growth as a global fintech hub.
