Tech titans cheer Kalifa Report
New strategy revealed to put UK at the top of the fintech league table
LONDON’S tech titans today welcomed recommendations from a government-commissioned report to boost the financial technology industry with a relaxation of post-Brexit visa restrictions and reforms to rules on stock market share listings.
The Kalifa Report, by tech tycoon Ron Kalifa, won plaudits from entrepreneurs in the sector who have long called for Britain to capitalise on its leading position in the so-called “fintech” world.
Russ Shaw, founder of Tech London Advocates said: “The report’s recommendations will help businesses overcome the immediate challenges posed by Brexit and the pandemic.”
He particularly cited Kalifa’s recommendation of new stock market listing rules and new visa schemes. Monzo
boss TS Anil said the recommendations “would help the next generation of financial technology companies get off the ground, while enabling established companies, like Monzo, to take it to the next level.”
The report calls for a new visa stream enabling UK fintechs to bypass Brexit visa rules when hiring the best talent.
Restrictions brought in by the GovJUPITER ernment have appalled the London tech world as it depends on global talent.
The report says foreign talent represents 42% of UK fintech employees. “In order to remain a global leader in fintech the UK needs to strengthen its position on immigration or risk a significant shortage in human capital,” it states.
On reforming the London stock market listing rules, the report recommends liberalising the free float rules to give founders more control over their company’s destiny once they IPO.
Measures include allowing firms to list a sliver of their shares on the public market, allowing dual listed shares, whereby the founders’ stock carries more control over the business, and relaxing pre-emption rights, which mean shareholders must be allowed to buy extra shares in future share issues.
The UK needs to strengthen position on immigration or risk a significant shortage in human capital Kalifa Report
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