LONDON – Some of the UK’s top financial technology businesses have formed an industry body to protect and promote the sector’s interests post-Brexit.
Entrepreneurs from TransferWise, Funding Circle, Onfido, Monzo, FreeAgent, MarketInvoice, and Starling Bank have all joined the Fintech Delivery Panel (FDP), a new industry group that aims to “produce an ambitious post-Brexit vision for the UK’s fintech sector.”
The panel also includes representatives from big banks such as Barclays, HSBC, RBS and Santander.
The formation of the group comes amid concerns in both Whitehall and the fintech sector that Brexit could damage the nascent industry, which the Treasury sees as having strong potential for export growth.
One of the FDP’s founding members is Taavet Hinrikus, the cofounder of TransferWise, who has been a vocal critic of Brexit. Earlier this year he said at a Treasury conference: “If I was setting up TransferWise today, I probably would not choose London.”
Eamon Jubbawy, cofounder of identity verification company Onfido and the deputy chair of the FDP, said in a statement: “There is a wide-ranging consensus in the tech sector that Brexit has the potential to slow down the growth of UK fintech.
“This is an industry-led panel of high calibre individuals determined to achieve big things with the cards that we have been dealt. The key now is to ensure that we don’t rest on our laurels. We can’t lose this advantage.”
The FDP on Wednesday set out its priorities for fintech post-Brexit, calling on the government to protect access to talent and capital, ensure UK fintechs can still do business in international markets, and calling for a continued focus on fintech among UK policymakers.
The Treasury asked TechCityUK to set up and manage the group, which is co-chaired by the Treasury’s fintech envoy, Eileen Burbidge, and the FDP will work closely with the government.
Burbidge said in a statement: “The UK has become the world’s leading fintech hub, but we cannot stop now. We are determined to make sure the UK remains as attractive to talent from all over the world and that there is access to finance for innovative companies that can make a difference.”
The FDP will meet four times a year, with minutes published on TechCityUK’s website. The new body is calling for input from the wider fintech community to ensure they are representative of the sector.