INSUBCONTINENT EXCLUSIVE:
TransferWise, the London-headquartered international money transfer company, is applying for a new licence in Brussels, in a bid to navigate
prepares to leave membership of the European Union on March 29 this year.One of the definite benefits of EU membership, and something that
has undoubtedly benefited U.K
This sees a certain level of financial regulatory harmony across the EU and means that companies authorised in any EU (or EEA) state can
EU single market for financial services
leaves the single market, which a no deal Brexit and other likely forms of Brexit will result in, then fintech companies in the U.K
to open a small, additional satellite office in Brussels, with the company applying to the Belgium regulator, The National Bank of Belgium,
service already has nine offices and employs 1,400 people globally, with 230 posted to its HQ in London.However, for much smaller startups,
the loss of passporting could be prohibitively expensive to mitigate, depending at which stage of growth a company is and how much runway it
for example Starling Bank has done) or Lithuania (as Revolut has done)
It could be argued that both are easier options
Lithuania especially touts itself as the fintech regulator with the lowest barriers and lightest touch.Cue quote from TransferWise
The National Bank of Belgium impressed us with its understanding of the payments sector and openness to innovation, while at the same time
being a strong and trusted regulator
