UK government set to launch post-Brexit fintech visas
The UK government is launching a new scheme that provides visas to fintech experts following industry restrictions as a result of Brexit.
Reports suggest the scheme will be very similar to the currently existing Global Talent visa, which was developed in partnership with the industry body Tech Nation - the UK’s startup network for technology entrepreneurs.
The move, which aims to fill the gaps in the workforce in the financial technology sector, was created due to a loss of skills from the EU following the UK’s departure from the European bloc at the end of January 2020.
Brexit resulted in the rights of EU professionals to work in the UK being automatically removed. Many European nationals also returned to the EU following Britain’s exit from the trade collaboration.
UK leads fintech in Europe
In 2020, the UK dominated European investment, managing a total of 408 deals accounting for just under half of the total $9.3bn invested in the whole of Europe. Britain’s financial sector also handled more invested capital than France, Sweden, the Netherlands, Switzerland and Germany combined.
However, the global fintech market is becoming increasingly competitive, with hotspots developing in Germany, Spain and Holland. These areas are attractive to experts who would ordinarily find work in the UK.
According to reports, UK chancellor, Rishi Sunak looks set to officially announce the plan within days as the decision to create the scheme will ensure the fintech market retains the talent it requires to continue growing.
Speaking about the move, CEO at digital challenger bank Tandem, said, “Tech visas are a great thing and essential if we are going to keep a competitive tech and fintech sector,” he added. “Over half of our coders are from outside the UK and some have already left due to Brexit.”
CEO at cross-border money transfer fintech Azimo, pointed out that industry leaders have been lobbying for such a move. “I haven’t seen the details, but it is good that the UK government is taking this seriously. Fintech is all about people,” he said.
Meanwhile, , CEO of Skymind, said the visa news was a positive step towards securing the UK’s fintech workforce. “As an international company that has recently set up its operations in London, we want to make sure that we can hire the talent we need,” he said.
Shawn added, “Combining these factors with a steady pipeline of highly skilled workers will keep the fintech sector thriving for years to come.”
The Ultimate FinTech & InsurTech LIVE Event
From October 12th-14th, 2021, BizClik’s FinTech & InsurTech event will bring together influential executives from around the world. Streamed live from Tobacco Dock, London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future.
With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech 2021 will expand your network, deliver insight, and enhance your organisation’s reach.
Already confirmed speakers include Colin Payne, VP & NextGen FS Global Lead at Capgemini; Dipu KV, President and Head of Operations & CX at Bajaj Allianz General Insurance Company; Bryan Caroll, CEO at TNEX; and Lucy Demery, Managing Director at Barclays.
The event will include:
- Keynote addresses from respected industry leaders
- Dynamic live roundtables (inc. Q&A)
- Fireside discussions
- Inspirational Speakers & Presentations
- Extensive networking opportunities
Meet the Speakers
Each week, from now until the event, we’ll be announcing the latest speakers who are set to grace our physical or virtual stage, prepared to share their knowledge and insight with attendees.
Our second batch consists of:
Currently the Senior Vice President of Business Development & Fintech for Mastercard UK & Ireland, a position he’s held since 2014, Abraham describes himself as “a proven and successful senior sales leader with experience across a wide range of industries, sectors, and channels.”
Graduating from the University of Northampton in 1994 with a BA in Economics and Law, he worked for nine years at Sainsburys - eventually responsible for banking the company’s revenue and running its ATMs - and then Barclaycard for three years as Head of Client Management. In 2007, Abraham became VP of Client Management at American Express, and then VP and GM Global Supplier Relations EMEA in 2012.
In his current role at Mastercard, Abraham is accountable for the acceptance of all payments and products through all channels, devices, and technologies across UK and Ireland. In addition, he oversees the deployment of innovative new payment tech within the region.
Fraser-Hawkins’ role as CEO, UK Corporate, at Marsh McLennan is the continuation of a long and successful insurance career, which has included being London Sales Director for JLT Group and Branch Director for Willis Towers Watson.
Marsh prides itself on being a company that hires top-tier talent, does work that impacts peoples’ lives, and offers its employees the opportunity to make a difference. This is clearly an attitude that aligns with Fraser-Hawkins’ own values; regarding the insurer’s UK Young Professionals initiative, a support network to help young professionals in their development, he said:
"I am passionate about developing talent and our Young Professional CRG provides a brilliant community for our Young Professional colleagues to discuss key issues relevant early in their careers, as well as an environment to promote the skills, learning and network for success."
Massaro is currently the CEO of Boston fintech Flywire, a role he took on in 2013. He first joined the team in 2012 as VP of Business Development, but it wasn’t long before his entrepreneurial skills were redirected to leading the entire company’s high-growth strategy worldwide.
An expert in domestic and international payments and billing, enterprise technology sales, strategic alliances, enterprise software, SaaS, product management and marketing, and much more, Massaro is a consummate finance professional whose credentials befit the leadership of a prominent global payments fintech.
His previous positions include Consultant at PwC and Product Line Manager at Oracle, and he maintains a Mentor role at startup accelerator MassChallenge. He graduated magna cum laude from Babson College with a BS in Information Systems and Finance.
This event is set to be one of the year's most unmissable. If you want to get leading perspectives on the future of fintech and insurtech, go to Eventbrite and purchase your tickets now.