Mission statement: To maintain the UK’s position as the global FinTech and PayTech hub while supporting companies considering other ways to access the EU market if passporting or its equivalent is denied, post-Brexit.
The UK is well known for having one of the most business-friendly regulators in the FCA and PSR. This enables the growth of PayTech across Europe and worldwide. This well-earned reputation shouldn’t change because of Brexit and we hope to achieve continuity for passporting rights. However, in case passporting is not achievable, we will identify options outside the UK well in advance of any impacts that will cause serious detriment to the payments ecosystem. Project Europe tackles a wide range of issues including; regulatory inclusion in EU payments directives, the retention of highly skilled FinTech talent in the UK’s thriving financial services economy and a continued push for access to the single market and passporting. The project will also explore whether to create a legal template for members obtaining licenses outside the UK, allowing them to reduce duplication and multiple legal fees. The group will also look at how UK businesses might establish a presence in friendly jurisdictions that will allow access to the EU if passporting or an equivalent is not possible.
Project Europe will:
1. Publish a White Paper on which countries offer the best alternatives
to the UK for e-money issuers, payment institutions and other PSPs
2. Inform and lobby government bodies about the impact of losing
passporting rights on UK payments businesses post-Brexit through
meetings, presentations, seminars and briefings
Andrea Dunlop, CEO - Card Solutions and Aquiring - Paysafe Group
Peter Howitt Director & Solicitor, Ramparts
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