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Peer2Peer Finance News | August 18, 2019

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Fintech helps London hold on to financial centre crown

Fintech helps London hold on to financial centre crown
Marc Shoffman

FINTECH is helping London maintain its place as the world’s top financial centre despite Brexit uncertainty, a new report suggests.

The Global Financial Centres Index (GFCI), compiled by think tank Z/Yen each March and September, measures financial centres based on the business environment, human capital, infrastructure, financial sector development and reputation.

The research, released on Monday, showed that confidence dropped in most areas over the past six months. However, London remained in first place with a rating of 780, having lost just two points – the smallest decline among the top 10 centres.

Read more: Could Germany steal the UK’s fintech crown?

The UK capital was still way ahead of the second-highest ranked jurisdiction New York, which lost 24 points, leaving it with 756.

Despite fears of how Brexit will impact financial services in the City, quotes from interviews in the report suggest there is little concern, especially when it comes to fintech.

“We now have an office in LA but we are also going into Europe now – London is the place to be for fintech regardless of what they say about Brexit,” one venture capitalist said.

Read more: Europe still trails UK in alternative finance, but P2P is growing across the continent

Meanwhile, Far East cities made up the bulk of the top 10.

Hong Kong moved up one place, up one point, moving to third with a rating of 744, two points ahead of Singapore.

Shanghai gained seven points, with a rating of 711, just behind Tokyo in fifth with 725.

The rest of the top 10 is made up Toronto, Sydney, Zurich and Beijing, while 11th placed Frankfurt gained the most overall, up 12 points to a rating of 701.

Read more: Belfast poised to become post-Brexit fintech hub