Fintech visa

Fintech sector gearing for a new visa

On February 25, 2021 | In General | By A Y & J Solicitors

The UK government is keen to maintain the global standing of the UK’s fintech sector, and as a result, a new visa fast track scheme for those working in the fintech industry is yet to be announced. The announcement for the same is expected from Rishi Sunak, the UK chancellor, in his 2021 budget on 3rd March. 

The financial technology sector is one of the most growing sectors globally, and in the UK itself, it is a £7 Billion industry. With the world being under lock and key, 38% of Fintech firms in the UK are expected to grow by 101%. (Source: statistica.com)

The decision to bring this new category’s is an attempt to bridge the fintech sector’s gap due to Brexit. Fintech is already an approved skillset under Tech Nation guidance. We are keen to learn more about this new Fintech fast track category, whether this will be an independent visa from the Global Talent Visa.  

The 2019 PwC report revealed that more than 50% of financial institutions are planning to hire ‘gig-based workers’ as COVID has made people realise the digital world’s power and its reach beyond borders. 

Approved sources suggest that the new visa scheme’s final details are yet to be drawn, and those within the industry expect the launch of this new visa scheme to be similar to the UK Research and Innovation visa scheme.  The latest was brought as an addition to the existing Global Talent Visa scheme, and it was created to attract the world’s leading scientists to come to the UK.

Shawn Tan, CEO of Skymind, an AI firm, said, “As an international company that has recently set up its operations in London, we want to make sure that we can hire the talent we need.”

He added that the UK already has an advanced ecosystem, favourable regulation and an openness to innovation that is not found in other countries. “Combining these factors with a steady pipeline of highly skilled workers will keep the fintech sector thriving for years to come,” he said. (source: computerweekly.com)

The new visa category is good news, and we believe it could attract a significant number of new migrants with fintech skills in the UK.

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