Fintech sectors in the UK and Canada will benefit from Mark Carney's re-election
According to leading audit, tax and consulting firm Blick Rothenberg, the fintech industry in the UK and Canada is expected to benefit from closer collaboration after Mark Carney’s re-election.
Melissa Thomas, head of the company’s Canadian table, said Carney’s commitment to prioritize economic ties such as “reliable allies” such as the UK, which could open the door to deeper collaboration between the world’s two leading fintech hubs: London and Toronto.
“Toronto and London are world leaders in the field of fintech,” Thomas said. “Initiatives like the Canadian Technology Accelerator (CTA) program (supporting Canadian companies to engage with the UK fintech market in 2024) show strong interest in collaboration, and Mark Carney has no doubt.”
Carney’s return to office indicates a shift in Canada’s global trade strategy, with increasing focus on economic relations beyond its traditionally dominant U.S. trade partnership. Thomas said the fintech industry could well drive the strategy, providing innovative solutions to modernize financial infrastructure and relax cross-border operations.
“But for that, they need to help from programs like CTA to build meaningful connections and support rapid expansion,” she added.
Carney’s deep understanding of both economies will mitigate regulatory cooperation. As a former governor of Bank of Canada and Bank of England, he has developed rare insights into the UK's financial ecosystem and has the reliable ability to manage macroeconomic transformations, including Brexit.
“This experience may help stabilize regulatory cooperation between the UK and Canada, which will help promote new FinTech Investment Partnerships,” Thomas said.
She also pointed to the momentum of the successful 2021 UK-Canada Free Trade Agreement, which guarantees 99% of tax-free access to goods. Bilateral trade between the two countries has grown by more than 60% since Britain left the EU.
With both countries looking to expand their digital economy and build future trade relations, Carney's re-election could serve as a catalyst for a new era of fintech cooperation between Canada and the UK.
