The UK’s decision to leave the European Union may cause issues for UK FinTech start-ups according to an industry expert.
Speaking at the London Fintech Week, industry strategist Devie Mohan spoke of how the UK would not be accountable under harmonised EU rules on data and that UK Fintech firms may suffer as a result.
“The EU has a very strict data policy and it is absolutely great for FinTech because the issue of data in FinTech has been a murky discussion.”
“No one knows how to handle data related to regulatory issues, no one knows how to handle privacy and security laws so the fact that EU is trying to bring this together was excellent.”
“As the UK has decided to leave the EU, these data laws will not apply to Fintech start-ups in the UK so this is adding to the complexity of regulatory environments for UK Fintech start-ups.”
Mohan also suggested that the UK could attempt to mirror the EU’s data policy but warned that this could lead to increased costs.