<p>Brexit, Covid-19 and overseas competition are challenging fintech's future, and Britain should act to stay competitive for the sector, a government-backed review said on Friday.</p>.<p>Britain's departure from the European Union has cut the sector's access to the world's biggest single market, making the UK less attractive for fintechs wanting to expand cross-border.</p>.<p>The review headed by Ron Kalifa, former CEO of payments fintech Worldpay, sets out a "strategy and delivery model" that includes a new billion-pound start-up fund and fast-tracking work visas for hiring the best talent globally.</p>.<p>"It's about underpinning financial services and our place in the world, and bringing innovation into mainstream banking," Kalifa told Reuters.</p>.<p>Britain has a 10 per cent share of the global fintech market, generating 11 billion pounds ($15.6 billion) in revenue.</p>.<p>But Brexit, heavy investment in fintech by Australia, Canada and Singapore, and the need to be nimbler as Covid-19 accelerates digitalisation of finance all mean the sector's future in Britain is not assured, the review said.</p>.<p>Britain increasingly needs to represent itself as a strong fintech scale-up destination as well as one for start-ups, it added.</p>.<p><strong><a href="https://www.deccanherald.com/international/uk-to-widen-post-brexit-support-to-fishing-businesses-953702.html" target="_blank">Read | UK to widen post-Brexit support to fishing businesses</a></strong></p>.<p>"Leaving the EU and access to the single market going away is a big deal, so the UK has to do something significant to make fintechs stay here," said Kay Swinburne, vice chair of financial services at consultants KPMG and a contributor to the review.</p>.<p>The review seeks to join the dots on fintech policy across government departments and regulators, and marshal private sector efforts under a new Centre for Finance, Innovation and Technology (CFIT).</p>.<p>"There is no framework but bits of individual policies, and nowhere does it come together," said Rachel Kent, a lawyer at Hogan Lovells and contributor to the review.</p>.<p>Britain pioneered "sandboxes" to allow fintechs to test products on real consumers under supervision, and the review says regulators should move to the next stage and set up "scale-boxes" to help fintechs navigate red tape to grow.</p>.<p>"It's a question of knowing who to call when there's a problem," Swinburne said.</p>.<p>The review recommends more flexible listing rules for fintechs to catch up with New York.</p>
<p>Brexit, Covid-19 and overseas competition are challenging fintech's future, and Britain should act to stay competitive for the sector, a government-backed review said on Friday.</p>.<p>Britain's departure from the European Union has cut the sector's access to the world's biggest single market, making the UK less attractive for fintechs wanting to expand cross-border.</p>.<p>The review headed by Ron Kalifa, former CEO of payments fintech Worldpay, sets out a "strategy and delivery model" that includes a new billion-pound start-up fund and fast-tracking work visas for hiring the best talent globally.</p>.<p>"It's about underpinning financial services and our place in the world, and bringing innovation into mainstream banking," Kalifa told Reuters.</p>.<p>Britain has a 10 per cent share of the global fintech market, generating 11 billion pounds ($15.6 billion) in revenue.</p>.<p>But Brexit, heavy investment in fintech by Australia, Canada and Singapore, and the need to be nimbler as Covid-19 accelerates digitalisation of finance all mean the sector's future in Britain is not assured, the review said.</p>.<p>Britain increasingly needs to represent itself as a strong fintech scale-up destination as well as one for start-ups, it added.</p>.<p><strong><a href="https://www.deccanherald.com/international/uk-to-widen-post-brexit-support-to-fishing-businesses-953702.html" target="_blank">Read | UK to widen post-Brexit support to fishing businesses</a></strong></p>.<p>"Leaving the EU and access to the single market going away is a big deal, so the UK has to do something significant to make fintechs stay here," said Kay Swinburne, vice chair of financial services at consultants KPMG and a contributor to the review.</p>.<p>The review seeks to join the dots on fintech policy across government departments and regulators, and marshal private sector efforts under a new Centre for Finance, Innovation and Technology (CFIT).</p>.<p>"There is no framework but bits of individual policies, and nowhere does it come together," said Rachel Kent, a lawyer at Hogan Lovells and contributor to the review.</p>.<p>Britain pioneered "sandboxes" to allow fintechs to test products on real consumers under supervision, and the review says regulators should move to the next stage and set up "scale-boxes" to help fintechs navigate red tape to grow.</p>.<p>"It's a question of knowing who to call when there's a problem," Swinburne said.</p>.<p>The review recommends more flexible listing rules for fintechs to catch up with New York.</p>