The fintech sector is facing a talent crunch in light of the impending Brexit on March 29. London-based digital payments and investment platform, Revolut’s founder, Nik Storonsky. has highlighted that the UK’s slow steps towards getting visas for high-quality tech talent have proved to be a major concern for the company’s growth in the region.
“It’s a no-brainer that bureaucratic processes, red tape, and numerous delays will see tech talent choose to go elsewhere, especially with growing competition from tech hubs across Europe,” he said in a statement. “The UK government has talked a great deal about supporting our successful fintech industry, but there seems to have been no real special accommodation made yet for businesses when it comes to visas.”
Revolut received a Remittance License by the Monetary Authority of Singapore and a Stored Value Facility approval which enables the app-users to hold, spend and transfer money late last year. Similarly, in Japan, the UK-based fintech firm received the authorization from Japan’s Finance Service Agency to operate in the country.
It plans to launch a beta version of the app in Singapore in the next few weeks as it gears up for the entry into APAC and the looming Brexit. Setting up their APAC headquarters in Singapore and developing new product lines would help the “banking challenger” bring in more tech-related jobs into the island-country.
By the end of 2019, the company is planning to double its workforce from the current total of 750 to about 1,500. The firm will be hiring for professionals who are skilled in AI, Machine Learning, data science, and UI/UX design.
Singapore’s regulations that enable entrepreneurs to succeed and set up fintech businesses in the region have helped Revolut expand its reach with about 150,000 customers already on the waitlist. According to the press statement, the daily transactions conducted via the platform are at about $4.6 Bn.