France attempts to lure UK fintech jobs

France has launched a campaign offering foreign companies “relocation packages” in a bid to lure fintech jobs.

The French junior economy and finance minister, Delphine Gény-Stephann, has announced a new government-backed tech incubator to attract thousands of UK financial technology jobs to France.

The incubator offers companies support with funding and strategies, and also offers a variety of benefits to entice businesses willing to relocate to Paris.

Ms Gény-Stephann says the move, which supports President Emmanuel Macron’s plans to help France evolve into a “startup nation”, puts “competitive[ness] and attractiveness at the centre of its economic reform agenda”. She adds that measures are also being put in place to make the visa process easier for companies.

Whilst Mr Macron has not been too vocal on the subject of fintech, the Times* recently reported that the French central bank had approached a number of British payment providers and digital finance houses with customers in France, asking them for details about their Brexit contingency plans. The move, the first of its kind by an EU national regulator, was seen as Paris challenging London.

Whilst France may be looking to draw talent to their fintech pool, London remains the world’s largest centre for fintech with investment growing faster in the UK capital than anywhere in the world.

London’s diverse fintech scene encompasses everything from mobile payments and digital currencies to other sub-sectors of financial services. These include retail and investment banking, money remittances, investor relations and virtual currencies.

In an interview with London & Partners, Micke, Paqvalén, Kiosked CEO and Founder recently said: “London was the natural place to come, it has been singled out as one of the continent’s most important tech hubs in Wired magazine’s annual list of most promising businesses. London also has excellent national and international travel links which is helping us grow our UK business and expand across Europe.”

With London being well positioned as a global capital for finance, fintech, and a major hub of fourth industrial revolution technologies, it remains a great place to do business.

At Beavis Morgan, our dedicated Entrepreneur Support Team works with entrepreneurial people in the fintech sector, assisting with starting up, fundraising and investment, and advising on business growth and development, whilst all the time helping you navigate the maze of often complex tax issues.
We also offer specialist services to identify business opportunities for overseas investors looking to enter the UK market – and we provide a comprehensive range of professional services to help you make the most of your investment in the UK.
Contact Steve Govey for advice on how we can assist you and your fintech business, and Paul Ashton for further information about how we can help you secure the right investment opportunity in the UK.
Further reading: Click here to read more about our services to overseas investors starting up in the UK.

*The Times, 16 July 2018: French central bank presses UK fintech companies on Brexit strategy