At the start of the year following a conclusive UK general election, the path to Brexit certainty was finally paved.
It meant that the long touted questions over the UK’s European Union departure would finally be answered, including what it would mean for the financial sector and the status of the capital.
Speaking to Payment Expert, PXP Financial’s Group CEO Koen Vanpraet emphasised the importance of a resolution being found, stating: “I think for one, it’s a good thing it has been decided, it got voted and we are beyond the big unknown.
“I think the entire industry, not just the payment or gaming industry but a lot of industries were caught in a hostage situation with the process dragging on for so long. I think in the end that it will have cost a lot of companies a lot of money across the board.
“I think that now we have an outcome and there is a plan to come to a trade resolution by the end of 2020, at least companies will have a kind of forward look to anticipate that.
“There is fallout, clearly on both sides. Businesses will have moved and there will still be a little bit of unknown, like in our space, again from licensed financial institutions will we still be able to passport or not? These are pending questions.”
He continued: “We are fully prepared for it. We have a backup situation that went live three months ago, so whatever happens, I think we are prepared for it. Let’s just hope the government makes the right decisions to make it as smooth as possible, because in the end everybody wants to do business.”
Commenting on whether London can maintain its status as a financial hub following Brexit, he added: “Honestly, I think there were horror stories about less employment and jobs moving to Frankfurt and other financial hubs throughout Europe. But I think that will balance itself back to normal.
“Once again, we go beyond the lack of clarity and decisions that are being made. London will reside as a very important financial hub. Yes, other countries might grow a little bit more into it, there will be healthy competitions between countries, but you don’t take that away.”
He concluded: “This is years and years of building up of expertise and I think it very much comes down to that expertise.”