How The Brexit Will Affect Fintech On A Global Scale

Financial technology is a key player in the larger financial market in 2016. It has taken leaps and bounds in regards to the emergence of apps and platforms that make banking and investing more accessible to the average user.

The Brexit has taken the finance world by storm, with the pound losing value and a lot of stocks plummeting. The market is in total chaos right now, and it is important to look to experts for their predictions on how the Brexit will (and has already) changed the face of global economy, especially in regards to fintech.

Related Link: Now That Brexit Happened, Experts Are Worried About Earnings And Jobs

Taavet Hinrikus, CEO of Transferwise, a London-based money transfer platform, spoke about the effect the Brexit has already had and is likely to have on the tech sector.

"We have to wait and see. No one knows what the detail will be, but this is likely to affect regulation and the movement of talent: two massive issues for business," said Hinrikus. "The two main benefits of being part of the EU are access to talent because of the free movement of labour and the fact that you can ‘passport' regulation so if you're regulated in the UK, you' re regulated across the EU. We don't know what's going to happen with either of those."