London will forge ahead as a centre of excellence for financial technology (Fintech) green financing and Islamic finance post-Brexit (Britain leaving the European Union), says a top official. He said that its legal system, openness, stability, security-independent regulations and highly-skilled workforce will continue to attract investments.
"We've always been a global open-minded country and none of that changes, post-Brexit," said economic secretary to the Treasury Simon Kirby, allaying fears that London would lose its status. "London is interested in providing a framework for Islamic financial products," he said.
Britain first non-Muslim country to issue sukuk
Britain was the first non-Muslim country to issue sukuk, attracting an overwhelming interest among investors. "London, combined with the right products, remains a great place to do business." Fintech is one of the key areas. Kirby, who was in Singapore for the Singapore Fintech Festival recently said that the United Kingdom was also happy to share its perspective with Bank Negara malaysia governor Datuk Muhammad Ibrahim. Kirby, who was appointed to the position under Prime Minister Theresa May's government in mid-July, was one of those who voted for the UK to stay in the European Union. With Malaysia, fFntech and Islamic finance are among some of the areas the UK will pursue to stay connected to the world.
Kirby pledged to help businesses
Kirby pledged to help businesses on both sides to boost bilateral investments. There has been keen investing interest from Malaysia in the UK. "Historically, we enjoyed a good relationship and I don't see why we cannot build on that." Like Kirby, ministers in May's cabinet are travelling to all parts of the world to express "how confident, optimistic and positive" they are about the country's future.
Kirby said the UK economy's underlying strong fundamentals continue to provide more employment opportunities than before.
"There has been a lot of gloom and doom shown after June 23. The economy has stayed on course in terms of employment, gross domestic product and inward investments," he added.
