The UK has triggered Article 50 and the 27 European Union countries will now begin negotiating with the UK for new terms; Innovate Finance's Lawrence Wintermeyer provides comments on the effects on fintech; says Brexit will make it more challenging for the UK to attract global investment and talent; Wintermeyer also says Brexit could potentially create new opportunities for regtech which will become increasingly important in cross-border activities. Source
The EU is investigating whether banks in several countries are preventing the sharing of information that the bank customers have granted; the raids were a preliminary step and the results of the investigation are not yet known; in 2018 banks will be required to give third parties access to account data provided the customers have given consent. Source