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A call on Theresa May to safeguard Fintech passporting

Apr 02, 2017

Financial and card scheme passporting must be an early priority of the Brexit negotiations

Andrea Dunlop, CEO of Acquiring & Card Solutions at Paysafe Group, a leading global provider of payment solutions, is lobbying the Government to make financial and card scheme passporting an early priority of the Brexit negotiations, as Theresa May triggers Article 50.

Calling at the same time for the £6bn* fintech sector to play to its strengths, Andrea said, “UK fintech is innovative, nimble and disruptive by its very nature. Now, more than ever, the sector needs to play to these strengths.

It can’t be denied that Brexit provides opportunities both in terms of global markets opening up and where there are regulatory regimes the UK can fast track into. At Paysafe, we’ll obviously be following the Brexit negotiations closely to identify new market prospects and be ready to act as they arise.

“Skills shortage scaremongering is not helpful given the massive non-EU talent pool that remains available to us, and the fact the government has already stated it will allow migration where such shortages exist.

“However, the next two years of negotiations must not distract UK fintech companies from serving their existing core markets. Despite today’s Brexit milestone, it is business-as-usual tomorrow for our £6bn* sector and its 60,000* UK employees.”

 *HM Treasury estimates

For more information: EPA’s Passport to the Future White Paper analyses the options available to UK-based FinTech companies, should they lose their EU passporting rights following the UK’s imminent exit from the European Union.

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