The UK government plans to amend visa rules and introduce new schemes to boost the FinTech industry, the details of which chancellor of the exchequer Rishi Sunak will reportedly unveil as part of the March budget.
Aiming to attract global talent to UK’s £7bn FinTech sector, the new tech visa will ease access to work and live in the UK for financial professionals from the EU and beyond as part of its post-Brexit immigration system.
Given how the FinTech industry is reliant on international tech talent, this latest move is to ensure that the UK maintains its standing as a global FinTech hub as well as counter the challenges the sector faced post-Brexit.
To add on, as the UK continues to witness FinTech unicorns such as Monzo, TransferWise and Revolut, the ecosystem is indeed rapidly scaling and needs international talent to grow further.
Quoting Whitehall, The Daily Telegraph said that the new visas will be approved by Tech Nation, a network that represents UK tech entrepreneurs.
“The final details are still being drawn up, but insiders expect it will be similar to the Global Talent Visa announced last year to attract the world’s leading scientists to Britain,” the publication claimed.
The Global Talent Visa was introduced as part of the UK’s new post-Brexit points-based system for visas and immigration.
This new tech visa is reportedly one of the many suggestions from former Worldpay Chief Executive Officer Ron Kalifa written in an independent Treasury-commissioned review. The review aims to change policies and regulations to support the ongoing growth of the UK FinTech sector.
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