"Brexit is an opportunity not a risk"

Singapore is looking at Brexit as an opportunity to recruit talent.

Chief FinTech officer of the city-state’s central bank said that Britain leaving the EU is opens an opportunity for Singapore to recruit talent for its drive to become a leading financial technology hub.

“First thing after Brexit happened, we talked about talent – talent coming out of the UK,” said Sopnendu Mohanty of the Monetary Authority of Singapore at a panel discussion at Singapore’s first FinTech festival.

“I agree they have a huge pool of talent and it’s good to have something like that so we can take some talent out.”

Simon Kirby, Britain’s economic secretary to the treasury said, “Brexit is an opportunity, not a risk.”

Mohanty said that people need to “wake up” to the need to learn new skills as “financial services in 5-10 years time will be called FinTech,” He said Singapore should be making its own efforts to develop talent too.

Singapore’s FinTech festival was attended by 11,000 participants including software giant Microsoft and global banks such as Citibank and Standard Chartered, representing over 50 countries.