After the Brexit vote in 2016, which caused the United Kingdom (UK) to separate from the European Union (EU), many European countries are attempting to dethrone the UK from its top status as a financial technology hub. FinTech, as it is now colloquially described, is technology that assists in transacting financial services. According to Innovate Finance, a UK non-profit organization focusing on the development of FinTech, although financing for FinTech companies has grown by 150% in the first two quarters of 2016, the UK’s FinTech funding fell by 33%. Belgium, however, would like to develop FinTech with London and the rest of the UK and support FinTech startups.
Despite VC’s witholding their funding from the UK, the Belgian government gave its support to a Brussels-based hub for the FinTech platform called B-Hive. The association has garnered the attention of more venture capitalists and funding. With London’s previous status as an attractive destination and hub for FinTech, further development is likely between the two countries. Not only will this association assist the UK in gaining back some of their FinTech traction, the UK’s goodwill will help Belgian companies to grow as well.
Source: https://www.cryptocoinsnews.com/belgium-london-work-fintech/