The report explained that the fintech sector is highly dependent on global talent, with 42% of employees coming from outside the UK, and 28% of those coming from the European Economic Area (EEA).
As a result, UK fintech community representative, Innovative Finance, called for action on accessing global talent and the development of local skills to ensure a workforce prepared for the future.
, “As the financial services sector increasingly turns to technology to shape its future, it’s essential that the UK is able to attract international talent to unlock the full potential of this thriving industry, ” Catherine McGuinness, policy chairman of the City of London Corporation said.
“This data shows that more than one in four Fintech workers hail from the EU or EEA. This shines a spotlight on the urgent need to clarify an immigration policy for European workers ahead of the UK’s departure from the bloc in March next year.
“The sector’s growth and technological entrepreneurialism depend on it,” McGuinness added.
The report also found that 54% of firms surveyed said EEA migrants were important to founding their business, while only 29% thought their business would exist today without the involvement of these migrants.