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
Project Europe has recently published a report and held a webinar on the question of what will happen if passporting rights are lost to UK payments companies? Where should these companies move to become regulated so they can continue to access the EEA?
The report and webinar compare the most viable options for companies seeking to become authorised in the EEA. Having reviewed 15 countries, the report and webinar undertake a ‘deep dive’ analysis of the six best countries to be considered.
Fill in the form below to download the report “Passport to the Future – Options for regulated companies if the UK loses passporting rights”. Please check your email for the download link.
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