UK Government Planning a Fintech Visa

 

The UK Government is working on a fintech Visa scheme targeted at professionals within the financial technology industry to combat a skills shortage following Brexit. Many within the fintech industry – including Razi Salih – have welcomed the move, as the industry had repeatedly expressed concerns about losing access to the EU’s skill base during the Brexit process.

Fintech in the UK

The UK’s fintech industry is booming, and globally it is only second to the US when it comes to growth and development. In 2020, the UK made 408 deals accounting for near enough half of the total $9.3bn invested across all of Europe. The financial sector in Britain also handled more invested capital than Germany, Switzerland, the Netherlands, France and Sweden combined. However, the fintech market is becoming increasingly more competitive, with industry hotspots appearing in Germany, Holland and Spain.

Brexit and Fintech

After Brexit, EU professionals lost the automatic right to move to and work in the UK. There is global demand for talent within fintech, and because of Brexit, professionals that would have traditionally come to the UK are heading for the technology hubs in Berlin, Amsterdam and Barcelona.

Some companies within the fintech industry have a good portion of employees that are from outside the UK, and sadly, some of these employees left following Brexit. The UK has a well-established technology sector and supports innovation in a way not always found in other countries. Combining this with a steady stream of skilled employees will help the British fintech industry retain its market-leading position for years to come.

Concerns

Whilst most organisations within fintech are pleased to hear steps are being taken to encourage specialists from abroad to move to the UK, there are fears that the scheme might not succeed. Concerned individuals have referenced previous systems that either generated long lists of low-skilled applicants, and others that had rules so tight they failed to generate any interest. There are beliefs that any new system will need to be clearly monitored and regularly evaluated to ensure the UK learns from the mistakes of the past and develops a steady VISA system.