Andra Sonea of Lloyds Banking Group on Brexit’s impact on the future of Fintech

In the wake of the Brexit vote to Leave, we asked London based FemTechLeaders to share their thoughts on the impact the results of the referendum will have on Fintech and Banking. This ongoing series includes extended interviews from those featured in American Banker, amongst others.

Andra Sonea, Lead Solutions Architect, Digital Innovation Lab at Lloyds Banking Group

London, England

@andrasonea | LinkedIn Profile

What do you think the short term and long term consequences for Fintech will be in the UK after the leave vote?

First, I still hope that there is a way to challenge a vote given in these conditions: a campaign based solely on lies and hate, funded by large amounts of private money of unknown provenience, run by people with no responsibility for their actions and with no plan to execute.

Second, it does not matter if we leave or remain, such irresponsible actions of the UK government lead to a loss of credibility, which would be very hard to recoup. Credibilityand stability are the cornerstones of financial markets. We have none now. This will not last only for a short while, as some believe. It will last a long time and it will have dramatic consequences for the economy. It will affect not only the Fintech world but the London as a financial centre as well.

Third, the world of Fintech is international. If everyday when you pass the newspaper stand the headlines scream “scum” at you, why would you choose to be here. Fintech people are highly educated and mobile and could easily choose to use their skills in a different direction, from a different place.

How will the Leave vote affect the relationship between banks and fintech, and the appetite for collaboration?

Banks need to focus on being able to operate in the current climate. When your stocks go down 30% in two days the priorities change. It will not be a lack of willingness to collaborate but rather a lack of attention span and resources. Let’s not forget that most Fintech start-ups operate a model where they need the collaboration with a financial services institution on order to access the financial markets and prove their model.

What is the best/worst thing about the result of the referendum?

The worst is that the Leave campaign gave “permission” to hate and express racist and xenophobic attitudes. The assassination of an MP in the middle of the street by an extremist did not trigger any serious public debate and condemnation. This is very worrying. To me it shows a level of numbness and dehumanisation of the society which is very dangerous.

I am astonished at the level and precision of mass manipulation achieved. Our government cut the funds from education, health, disabled with a disregard for their actions that beggars belief. Instead of punishing them, the public vote punished the very European institutions, which guaranteed their rights, funded the medical research and social programs in this country. I am sorry, I cannot see any positive outcome out of this.

A lot of Femtech leaders in the UK are EU immigrants. What does this result mean to you personally if you are an immigrant?

I have Romanian and British citizenship. I’ve chosen to make my life in UK because I felt at the time that UK has a democratic tradition that guarantees the rights of its citizens. Having lived in a totalitarian regime, having had generations in my family persecuted for their political beliefs, freedom and human rights are not theoretical concepts for me. It is painful to watch how consent around hate, nationalism, and isolationism has been manufactured so fast in the country with the longest democratic traditions in the world.

Divisions created in the society now will be very hard to heal.

I have worked very hard all my life and I did my best that my children and I integrate in this country. I am sure that so did many other immigrants who do not deserve the hate thrown at them now. I do not take it personally even though it hurts.I hope that the Leavers would find in their heart to ask “the other” they now hate so much “How are you?”, “How is the weather in your country now?”, “ How do you say thank you in your language” instead of shouting insults.

What do you think will be the effect on London as the leading Fintech hub?

It will become a nice memory.