Dora Ziambra of Azimo on on Brexit’s impact on the future of Fintech

The short-term consequences of the Leave vote are going to be dominated by fear and uncertainty. Most UK FinTech companies are concerned about potential changes in their regulatory status; potential changes in migration policies that would impact hiring talent from around the world, and especially Europe; and potential negative changes in investment sentiment.

Unfortunately, we really don’t know how things are going to unfold in the long term. Hopefully the status quo will continue and, a few hurdles aside, FinTech companies can remain in the UK and continue to grow. But a gloomier outcome could see them forced to move to another European country that’s still a member of the EU to better serve that market.

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

Banks and FinTech companies are in the same post-Brexit boat since they all benefit from the same EU regulations. I predict that they’ll collaborate more by joining forces to lobby for more favourable terms – the Leave vote is a threat to everyone in the financial services sector.

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

The worst thing about the referendum was hearing politicians admit the next day that they had lied about numerous things to sway the vote in favour of Brexit. Such actions have now placed the country in a state of utter turmoil and uncertainty.

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 am indeed an immigrant and I also consider myself European, as I was born in Greece and have lived in Germany, France and the UK. I’m confident that the UK won’t just kick immigrants out, but the referendum result will certainly make it harder for people to enter the UK in the future. The Leave campaign has vilified migrants/expats as people who put a strain on the economy, but the statistics show that we’re net contributors to the economy and society as a whole.

Here at Azimo, we’re not only building a company to help migrants succeed, but we’ve also created jobs and brought more investors to UK FinTech. The Leave result upsets me in two ways: it degrades the company’s important contribution to the UK, and London in particular, and it makes me feel unwelcome. Suddenly, I’m not so sure I want to stay here in the long run and continue to grow the business or start another one.

How do you think Brexit will affect London as a leading global FinTech hub?

I believe that London’s position as a global FinTech hub is under serious threat post-Brexit. The UK capital has emerged as a FinTech powerhouse thanks to the concentration of financial services, favourable EU regulations and the talent it can attract as a world-leading city. If any of these factors disappear, and it looks like all three might, then FinTech companies will simply move elsewhere – large banks are already announcing that they’re going to relocate jobs to cities such as Paris, Frankfurt and Amsterdam; regulation and passporting is in flux; and the Leave campaign to block the free movement of people will make hiring much harder.

Fingers crossed, though, cool heads and logic will prevail. Even if the UK does leave the EU, as the British population has voted for, concessions may still allow London to maintain its position as a global FinTech force.