UK has ‘fantastic opportunity’ in financial services says Klarna CEO
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Sebastian Siemiatkowski, Chief Executive from Klarna, has forecast that Britain will become “the most powerful financial centre and fintech hub in the world.” The credit company unveiled sweeping changes to its services in the UK. The fintech expert dismissed warnings about Britain’s status following Brexit and insisted the UK has plenty of opportunities to become a leader in financial services.
Speaking on Sky News, Mr Siemiatkowski said: “I want to say something because you were talking about the UK and the challenges of Brexit.
“Look, I think, the UK right now has the fantastic opportunity that the legislation that we’ve seen in financial services coming out of Brussels have been really really poor.
“I think there’s such an opportunity right now to rethink that, with the consumers’ best interests at heart.
“Let’s not forget about that.”
He went on: “There’s still gonna be that, but having better outcome-based regulations, smarter regulation.
“It can be seen in Singapore and some other countries.
“London does that now and I feel that there’s a genuine interest for that.
“London will not only remain the financial centre, it will expand and continue to be the most powerful financial centre and fintech hub in the world.”
He went on: “And that’s why us for us, we want to be in the market.
“We need to be in the market that is the most competitive, that is the most fast-moving because what we can learn there we can apply in other countries
“So that’s obviously why I want to go, I want to go to the summit.
“Because I am a big fan of UK, a big fan of investing more in the UK, because of the current administration’s clear dedication to staying ahead of the game and actually expanding the game when it comes to financial services.”
Since Brexit was finalised in January 2021, some of the companies using London as their main European headquarter moved to the continent.
An estimated 7,600 financial services companies moved to EU member states, mainly Amsterdam, Frankfurt, and Paris, since 2016.
The number is however far off from the 100,000 losses Remain campaigners estimated in the run-up to the Brexit referendum.
Chancellor Rishi Sunak earlier this year outlined his plan for the financial sector, pledging to implement widespread reform regulation to help companies scale up new products and to attract new investors into the country.
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