As we sit here on Easter Sunday contemplating what to write about fintech today, a story in a Connecticut media outlet caught our eye. They're claiming that Brexit will have a positive impact on Connecticut (in fact the NYC tri-state are). Now it's been a while since we heard about Brexit - that was SO last year. Anyway, the premise of the article is that firms who are major international financial players will have to move to either NYC or Singapore in order to maintain their status and Connecticut would benefit from the former. Or course, they mention Frankfurt might also get some jobs, too (in fact, Germany has made a huge push for UK-based fintech jobs, as has Ireland). It's really too soon to tell how Brexit will affect the British fintech industry, if at all, I would say. (Cindy Taylor/Publisher)
"STAMFORD — After a series of geopolitical storms in the past year, some economists think a new wave of finance jobs from the other side of the Atlantic Ocean could soon hit the tri-state area.
The United Kingdom’s “Brexit” departure from the European Union — a process whose negotiations were formally initiated March 29 by the British government — portends potentially large losses for the U.K. financial sector. Connecticut Business & Industry Association economist Pete Gioia argues Connecticut is well-positioned to take advantage of the upheaval, but other economic experts are more skeptical that Brexit would bring much new business to New England.
“If you want to be a global player, you’re probably going to have move from London,” Gioia said last week in a speech in Stamford. “And if you’re going to be a global player, there are two places you can go: Singapore and New York. My guess is New York is going to draw a bit more than Singapore.”
From London to Connecticut?
London will not fully understand its financial fate until Brexit negotiations conclude. But a number of estimates have offered foreboding forecasts if the U.K. cannot hammer out a free-trade agreement with the EU and the U.K. has to grapple with new regulations on business in the EU conducted by London financial firms..."
Source: Stamford Advocate