For the first time ever the number
of card payments has overtaken cash payments in the UK,
underlining the UK’s status as a major fintech
Much of this success has been attributed
to the Financial Conduct Authority’s (FCA)
flexible regulation, which has focused on encouraging fintech
But after Brexit, more work may need to be
done. International trade secretary Liam Fox said that the UK
will increase fintech spending after Brexit, without specifying
precisely how much.
James Greenhalgh, business development
manager at UK fintech company 4xxi, said the FCA will play a
big part as to whether London will remain successful after
"The frameworks implemented do help; we
are working alongside a pre-seed fund sponsored by the
government which is stimulating tech start-ups," he said.
"These kinds of initiatives are what will keep London as a
fintech start-up hub."
In October 2014, the FCA...