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ACI Worldwide warns of UK Brexit consequences to fintech industry

14 June 2016  |  13980 views  |  0 EU flag

ACI Worldwide has stepped into the debate over British membership of the European Union, stating that a Brexit would be "disastrous" for the UK fintech community and serously jeopardise London's role as a central hub for financial services in Europe.

The company's warning comes as the latest set of opinion polls show the leave campaign edging ahead of those in favour of maintaining the status quo.

Paul Thomalla, SVP global corporate relations and development at ACI Worldwide says a vote to leave Europe would put the nation's banks and vendor community at a significant disadvantage.

“We would lose the opportunity to continue to shape the positive EU reform process in the financial services sector and it would hinder access to a big market with lots of exciting opportunities," he says.

As a member of the trading bloc, UK Government officials are well placed to influence the formation of new regulations impinging the financial services sector, a benefit that would be denied in the event of an exit.

“Although UK businesses would be free to design their new payments systems to suit UK markets and regulations, would it be that much of a surprise if current investors in the UK’s fintech industry shifted their funds to organisations with greater access to wider European markets?"

Leaving the EU would bring a lot of uncertainty, he says especially around the regulatory implications.

"European legislature working against the UK, the implications for trading within Europe, and the potential for another Scottish referendum can pose significant issues for the financial services sector.

"With these issues in mind, the UKs ability to be a leader in financial services could be seriously jeopardised, with Germany likely to take over the pole position in Europe.”

A recent Financial News poll showed Thomalla's views are shared by a clear majority of the UK's thriving fintech community, with more than two-thirds believing a Brexit would be detrimental to the UK startup scene.

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