British Fintech “World Best”: SMEs Pay Attention to Cashflow!

27th March 2018.

Philip Hammond has looked to boost the image of Britain’s £5 billion financial technology sector ahead of Brexit by arguing that UK start-ups attract much more money than firms in Germany, France and Sweden.

Chancellor, Philip Hammond, has boasted the economic power of tech-based startups and their role in strengthening Britain after Brexit. In a recent speech, Hammond further stated that Britain is the “best place in the world” for fintech, suggesting its advantage over competitive economies in Europe. Considering the history of the UK, and its business world, it is encouraging to see modernity and progression so heavily promoted by the government. The Chancellor’s speech coincided with the launch of the ‘crypto assets task force’ which Westminster has set up to protect UK investors from the risks of unpredictable digital currencies such as Bitcoin. Hammond’s speech highlights government’s new attitude towards technology- and its hold over the economy, business, and even our day-to-day lives. Unfortunately, it’s also made it clear that any persons or businesses that do not take part will be a considerable disadvantage.

Despite the frequency that technology appears in our every day, many older and more traditionally-thinking businesses refuse to adapt. Paper files are deemed simpler and easier for data protection purposes, and many businesses reject hiring extra staff to teach digital instruction. Nonetheless, if the UK is to compete with other economies and to reach Hammon’s target as a global leader, all our businesses need to assimilate into the modern world, and modern business concepts. Our debt recovery services at the Credit Protection Association free up cash flow for many of our members. This extra cash can be spent on new technology, strengthening how our members appear to their competition, and to customers.

The Chancellor told a room full of financiers in London on Thursday that Britain is the “best place in the world” for fintech companies and will remain so after Brexit.

The Government is pouring money into fintech, with Westminster introducing its new task force alongside a ‘robo-regulation’ pilot aimed at helping companies comply with laws and a UK-Australia ‘fintech bridge’ to help businesses expand internationally.

HSBC chairman Mark Tucker is less than convinced by the Chancellor’s confidence and warns that the UK is up against stiff competition in its fight to be a global leader.

He said: “The UK faces considerable challenges from other countries and financial centres. China is leading the way in shaping the future of the mobile internet and digital economy, and what is striking about China is the willingness of its consumers to adopt financial services.”

If technology is the future, then manual processes are the past, and it remains unclear why so many businesses continue to move backwards. More than any other sector, financial services need to be frontrunners for trends and technological advancements. Put in charge of personal finances and advising others on how to best handle their business, financial services cannot trail behind. This, of course, filters down to other sectors, and the demand for new advancements remains a powerful necessity. In any sector there is competition, and being trendsetter awards a powerful advantage.

At the Credit Protection Association, our debt recovery services recover bad debt and chase down late payers, freeing up cash flow for our members. Our members use this extra cash to fund expansion projects and embrace new technology and cutting-edge equipment. If the UK is to recoup our strentgjh since the Brexit referenceum, business owners must help Hammond reach his goal and ensure we become the global leaders the government is already promoting us to be.

The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!

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