Have a look at this excellent example of learning from poster (above) showing a sector of business that involves global market players. Can Brexit stop this happening? Of course not. All the players including British players will continue because there is absolutely no reason to end the relationship.
Look at some other aspects in the financial sector that never get as much promotion relating to British achievement within global markets. Great Britain is and has been for many, many years an essential contributor to the secure transactions industry. From an array of new concepts, such as transport cards, electronic purse, open OS, open loop etc. these originated and are efficiently developed by British companies. Globally, including EU member states, developers collaborated with British companies and recognised this by setting up a presence in Britain including investing in offices, plant and machinery, laboratories, etc. to ensure that the collaboration works. This won’t change either because of Brexit as these markets are global and feed into EU. To dismantle this area (which has absolutely nothing to do with a British sovereignty decision) might turn the tables and adversely affect EU member’s states unnecessarily scrambling to reform something that is already works perfectly well.
London is acknowledged as probably the leading financial place in Europe, which I believe is still undisputed. This has enabled traditional financial institutions and the FinTech sector to be the most advanced in Europe through adopting British innovation and new technologies. Britain has the highest level of penetration and usage of contactless banking cards and POS terminals which is also acknowledged globally and in Europe.
Moreover, and unsurprisingly, Britain is at the forefront for developments and innovation concerning mWallets adoption:
- Paym,
- Pingit,
- bPay
- Zapp
Global players have also launched FIN-product in the UK too such as Apple Pay and Android Pay and now Samsung Pay will soon join the British marketplace, too. These are great global players who understand that choices at the domestic level shouldn't throttle business. And these players didn't settle here simply for our wonderful British charm (although I suspect maybe this gives them a warm feeling also) but due to their acumen, professionalism, maturity, awareness and, equally, astute nature they know Britain is not frightened by FinTech. Transports for London (TfL) is a glowing international success story demonstrating how Britain introduced the first large-scale transport network to have successfully adopted open loop payments for customers.
Lastly, all the new developments in the secure transactions industry that have been happening over the last years have been happening in Britain and which Britain is happy to work with and share the knowledge, skillsets, experience and successes with our European neighbours and friends. That position was not brought about nor has it anything to with Britain wanting to retain its own sovereignty.
What is important which Britain does acknowledge very sincerely is participating in standardisation and working closely with European Telecommunications Standards Institute (ETSI). Britain's adoption of mobile ecommerce again aided by Britain being one of the most advance countries globally for mobile communications and using advanced evolved mobile networks, platforms and applications assist keeping ETSI informed. This association and work is complemented by Britain's involvement and work globally with the International Telecommunications Union (ITU). Apologies for repeating myself but, here again, this close and successful involvement has not and has nothing to with Britain retaining its own sovereignty, but everything to do with technology advancements and success that can benefit all.
