Experts believe that a UK decision to leave the European Union in June could lead to a boost for the financial technology sector, which in turn could lead to more IT jobs for contractors.
Discussing the possibility of a British exit (Brexit) at the Innovative Finance conference earlier this month, industry insiders said that a vote to leave the EU could shake-up the incumbent banking sector, leaving room for an expansion of the financial technology (fintech) industry.
A report on the conference by Reuters quoted several experts as claiming that, if the UK was to leave the EU, banks would reduce their spend on innovation, leaving the door open for fintech. Others claim that, in the long run, a Brexit vote could hold the industry back, as regulatory challenges that are problematic for the industry now will not change.
Harriett Baldwin, the UK government’s financial services minister, was reported as pledging more support for the fintech market, helping firms to expand internationally.
The fintech industry currently employs around 60,000 people and was worth $9.40 billion last year.