“The EU has recently demonstrated that it is looking to place the customer’s best interests at the centre of any new regulation. Regardless of which office will legislate regulation in this industry, it is important to maintain this customer-centric approach and ensure an innovative, customer-driven approach to fintech.”
“The growing consensus, after the tumult of denial and stress that Brexit threw up, is that Brexit is inevitable. Using this inevitability as a foundation, many are developing positive perspectives on a post-Brexit world. In my personal opinion, the remain camp were defeated by inequality, by entrenched poverty, by cultural and social divides that have been fomenting for decades. I look forward to a post-Brexit UK that is more inclusive, that learns from the mistakes of populist campaigning and which is capable of fostering productive dialogue on serious national issues. Tech Unity appears to be the beginning of such a movement.”
“Technology always transcended borders, international policy and cultural changes – Brexit should be no different. There is a greater need, now more than ever, to help bring about substantial cost-savings to our NHS, and effective technology innovation and implementation will provide that means. The effects of Brexit have already been exacerbated by public post-apocalyptic panic and media hype; Keep Calm, and Carry On!”
“Quite obviously i voted to remain in the EU, and I largely see Thursday’s vote as one of fear and hatred that has been rising around the EU. The people of this country elected a Right wing Austerity government who promised to make significant cuts to everything which they then delivered on. The leave campaigners have created a rhetoric of hatred and blamed migrants for all these cuts and shortfalls of this and now the people of this country have voted for something I largely feel is not in their best interest, and will effect the people that voted for it the most (low paid workers).
What will happen next for UK? The answer to this is that only time will tell. I feel like the most likely scenario is something akin to Norway or Switzerland where we have many of the advantages of the EU (free trade, free movement) without strictly being a member of it and not having a vote/veto in the direction of it’s future. The other option would be something else but what this will be would be anyone’s guess. This is something that will be hammered out of the next 2-3 years of negotiations. But have no doubt the overall impact to the UK will be huge, damaging for our economy, for low paid job creation, etc etc.
News for Kasko is far brighter. The impact of this vote on Kasko will be minimal or zero. As you all may or may not know Kasko has a UK group company holding the Latvian and German entities as subsidiaries. We are regulated in the UK and in Germany independently (this is due to the fact that insurance is not hugely helped by free trade of EU and regulation is somewhat required in each country).
This means that whatever the changes we should be able to do business in both eurozone and UK just running the business through the different entities, and overall the position of the company might actually improve as a stronger Euro vs GBP will be beneficial for us longer term as we will likely make more revenue in Euro.
The environment that exists that makes the UK a favorable place to run a startup was largely achieved by UK government, not the EU. SEIS, EIS, EMI’s, and R&D tax credit are all UK initiatives so hopefully that will all continue and I would not be shocked if the government actually tried to improve the environment for businesses further to persuade them not to run away, but of course this will remain to be seen in the next couple of years.
Being a startup we have capabilities that normal companies should be jealous of. If during this process it becomes apparent that we should alter the structure of our business in some way to continue to operate smoothly, we have complete freedom to do so.”
“TransferGo is the UK based company built by migrant for migrants and we’re very proud that we were able to serve our customers during the period of Brexit and even after the vote without any hiccups. We are very disappointed by the results of EU referendum and even if we ought to respect the choice of the people, it’s heartbreaking to see what kind of negative energy was unleashed by this vote. The uncertainty in the markets as well as amongst the public is something very damaging for the UK and thus Fintech industry, which is based on diversity and inclusion. We hope that we, as a sector, will stay united and focused on collaboration and support for each other, especially since we have no idea what new deals will be made and how quickly or slowly certain changes can take place.”
“Very disappointed by the result of the vote. Makes me feel very nervous and unstable about the future of our industry. Particularly scientific research which powers so much of our economy. Now we need to come together to forge a new path which works for all.”
“The disruption from the referendum has presented huge opportunities for those with the mindset to anticipate the future. Moores Law of broadband, capacity & processing speeds will continue to double every two years – that is unaffected. We need to remodel our businesses around selling the same services to a different audience.”
“Brexit was indeed a shock. Both sides had good reasons. We are where we are! A doom and gloom attitude predominantly from London is not at all helpful. As Entrepreneurs, and business owners we must strong, and move forward. The UK is full of leaders, shakers and movers. Brexit doesn’t mean the party is over, in fact it’s just beginning.”
“Brexit is a succession of unknowns. There’s nothing much to say about it that isn’t pure speculative opinion. In terms of market reaction, did we just experience the preview or the main event? Is Brexit actually going to happen? When? What’s going to change if and when it does? This is either a great opportunity or a serious risk, and it depends almost entirely on how agile and truly lean that companies and their decision-makers are.”
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“Brexit is the beginning, not the end.
With the world and its financial systems being wrecked by QE and 0% bond yields, we at ArcSai are happy that the UK has decided to cut the last frayed ropes to a sinking ship that is the EU.
Business happens – and business is tough, regardless you get on with it. Brexit means less red tape and more deals being done.
The impending global recession means the UK needs to be positioned as strongly as it can be nearest the top of the proverbial pile as opposed to being dragged under with other countries who are, quite frankly – a mess.
So, positivity, continued hard work and optimism whilst forging ahead ruthlessly in a market that is only going to get tougher is always the way forward.
Brexit has just given people in the mainstream a needed jolt to start thinking differently.”
“The Insurance Industry is absolutely in the ‘Remain’ camp! We want to help the UK Tech industry insure their remarkable businesses as they grow and expand into the EU. By operating in a the Common Market, UK Insurers can issue a policy directly into other member states. Brexit will add an administrative and financial burden on businesses wishing to insure operations in multiple EU countries. To avoid the regulatory uncertainty at Brexit we are already advising our clients to consider re-structuring their insurance programmes to accommodate the full Brexit decision.”
“Now that we are leaving the EU, it is in all of our interest to make our country more outward looking, more ambitious and take full advantage of the opportunities presented to us. As we all go through this transition, the young voice is as important as ever. We must continue to advocate for the best terms for us – that includes great trade deals and collaborations with other institutions across Europe.”