PCT’s CEO Ian Clowes sits on the board of the EPA. Read on to follow the EPAs post-Brexit review. Or read the full report here.
November 16, 2016
Meditation. Marijuana. Mozart.
All are great antidotes to severe shock.
Here is another. Surround yourself with like-minded others. Soak up speeches from thought-provoking commentators. Share fears openly with friends. Drink freely in a trendy warehouse bar. Allow time to settle, reflect and return home.
That is what over 200 members of the emerging payments community, many shocked by the EU referendum result, did this week at Pay360 Digital Payments in Liverpool. It was the EPA’s biggest and best conference ever, with more than 30% from outside the UK. And it was perfectly timed to allow our community of collaborative innovators to work out what to do now.
We concluded that new strategies and modes of working will need to be adopted to cope with the uncertainty of the transition period as we make our exit from the EU. The EPA will put in place support and advisory groups that will work with members, plan for change and seize new opportunities.
Check out today’s press release for full details but in overview, led by EPA chairman Rich Wagner, and with the full support of the EPA’s Advisory Board, the EPA has agreed to:
1. Help preserve the UK’s EU passporting and other interests
With a new EPA Project, Project Europe, we are working out how to help preserve our passporting rights post-exit. We are exploring whether to create a legal template for all EPA members to reduce duplication and multiple legal fees. We are exploring how to make sure promises to open up direct access to settlement accounts are delivered and not delayed. And we are reviewing how UK businesses might establish a presence in friendly jurisdictions that will allow access to the EU if passporting or similar is not possible, such as Ireland, Malta, Luxemburg and Cyprus.
2. Reduce uncertainty now
We have launched a legal advice helpline. Just send your questions on legal, regulatory or commercial matters, to be answered free of charge to LegalQ&A@emergingpayments.org. We are also supporting the Women in PayTech launch on July 6th – for more information contact Carina.
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3. Build confidence in the UK as the world’s leading hub for payments innovation
The PR and social media activity to promote the UK is being cranked up. Check out these new articles on direct access, FinTech post-Brexit, and a radio piece at Share Radio. And follow@TonyCraddock and @EPAssoc.
4. Help members to sell to emerging markets
With a new EPA Initiative, we are exploring how to build corridors to enable export of UK business with non-EU European countries.
In challenging times, families pull together. I have been moved by the number of people stepping forward offering to help. And I applaud the 18 members who have signed up for the new initiative on exporting and Project Europe already.