Brexit news: London city explosion! Asian investment in UK tech start-ups soars | City & Business | Finance
The fintech sector in the UK has recorded huge sums coming from Asian and Middle Eastern investors. Speaking to the PA, Matt Warman, Minister for Digital Infrastructure, said: “The UK tech sector is home to the most innovative, most exciting and most globally scalable startups in the world, so it’s no surprise Asian investors are recognising just what a wealth of talent we have here.” Minister for Investment at the Department for International Trade, Gerry Grimstone, spoke to the PA and said: “Investors around the world are taking advantage of the UK’s high-skill, diverse economy, and it’s great to see investors in Asia have poured more than £1.7bn (two billion euros) into UK tech companies.
“We are ramping up efforts to attract investment into all corners of the UK, with our Office for Investment, Investment Council and regional Trade and Investment Hubs making it easier for businesses to find the right projects and assets that meet our strategic priorities.”
New data suggests the amount of investment raised in the first half of 2021 has also almost surpassed the total amount raised during the whole of 2020.
By the end of June, Asian and Middle Eastern investors had poured more than £1.7bn into UK tech companies.
This was equal to 13.2 percent of total inward investments made into the UK.
READ MORE: EU cracks showing as Brexit dubbed huge loss for Sweden
Boris Johnson’s Government has been focusing its attention on turning the UK into the tech centre of Europe.
This drive was boosted earlier this month when money transfer business Wise, formerly TransferWise, chose London as the place for its stock market listing.
The TransferWise IPO turned out to be the biggest listing of the year.
It also was recorded as the largest fintech listing in the London Stock Exchange’s history.
SaltPay and Checkout.com have also attracted the two largest private investment deals made this year.
These private investment deals are the largest in the UK fintech sector so far, with £360 million and £324 million being invested.
Asian investors have been investing heavily in the UK fintech sector this year.
The nations that have invested most in fintech are Japan, followed by Singapore, Hong Kong, Malaysia and China.