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With Brexit around the corner, Sweden could present itself as one of the alternative destinations for the European financial industry.
The upcoming Brexit has turned into a speculator’s game. Britain’s exit from the European Union is expected to have a divisive effect on the country’s thriving finance and financial technology sector. All the efforts put in by the City of London to foster a healthy fintech ecosystem may go to waste as companies risk losing free access to the EU market.
Like any other European Union nation, Sweden has started to make a push to become the next European fintech hotspot. The country has an established track record when it comes to attracting investments in the fintech sector, which could come in handy at this time. According to reports, the Nordic country has the highest number of fintech investments per capita since the past five years in the whole of Europe. The success has enabled Stockholm to present itself as an attractive destination for companies and startups looking to regain a foothold in the Eurozone.
“There is more incentive for startups to go to [Stockholm] and piggyback to the rest of Europe, instead of trying to start in a big economy and spread out from there.”
Apart from the technological advancements and economic stability, Sweden also offers companies with relatively easy access to the government authorities. Such access will help businesses to work with the concerned authorities to create a well-balanced and favorable ecosystem for everyone’s benefit.
London has been the home for many fintech, cryptocurrency and blockchain companies of all sizes. These companies have working collaborations with many mainstream financial institutions both within and outside the United Kingdom. They can potentially enjoy the same atmosphere in Sweden as Santander, Citi and other banking majors are also bent on setting up their base in the country.
However, as mentioned earlier, all these developments remain a speculation and are subject to bilateral agreements between the EU and UK and Sweden and UK.
Ref: Computer Weekly | Image: NewsBTC