France to lure thousands of fintech employees from UK

20.09.2018 | 15:32 Home / News / Fintech /
#Fintech #Le Swave
France is seeking to lure thousands of UK financial technology jobs to the country, doubling down on its charm offensive with a new host of benefits for companies willing to relocate to Paris, the Telegraph writes.  

Le Swave, government-backed tech incubator, launched a project to recruit a new cohort of 20 financial technology startups which it will seek to bring to market.

The incubator, which is part of a wider effort by French President Emmanuel Macron to turn France into a “start-up nation”, offers companies support with funding and strategies, and also offers foreign companies “relocation packages”.

“We’re very happy to see this innovation. We know that after Brexit the financial services sector will not operate in the same way. There will be some adjustments and the way countries compare to one another is of course a key element in the decision-making for the companies. What we do is we assess our context, our regulations, what we offer in terms of life and ease of doing business and we are answering the concerns of the players,” noted Delphine Gény-Stephann, French junior economy and finance minister.

The Telegraph notes that France is hardly a laggard when it comes to high technology and is already among the world leaders in research into artificial intelligence. However, it has struggled to retain talent in the field, as many young people interested in fintech moved to Silicon Valley to start businesses.

In light of the efforts to tempt businesses to France, the lobby group Paris Europlace, which promotes French financial market on international level, now estimates that around 3,500 finance and banking jobs will move to Paris.

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