With Boris Johnson proposing a £100m advertising blitz across billboards, radio and television to help prepare the country for a potential no-deal Brexit scenario, it’s high time the banking industry developed its own blueprint to reconnect with countries outside of the European Union.
Since the 2008 financial crash, many developing nations were cut off as western banks pursued an aggressive policy of de-risking transactions, with little consideration for the consequences. This knee-jerk reaction means that over a decade later many major banks have no infrastructure or meaningful relationships with some of the world’s most exciting, booming economies.
With the clock ticking for the October Brexit deadline, it’s vital that organisations in the financial services sector seek to build bridges with critical economies such as Africa and South America. Key to this is effort recognising that with the right regulatory technology, expertise and cross-border payments compliance, risk can be eliminated, leading to prosperous international partnerships.
Overcoming the economic challenges posed by the forthcoming Brexit withdrawal requires much more than securing trade deals with countries like the US. It’s vital that all areas of British industry seek new ways to export goods, services and develop a truly international approach to business.
In this context, the banking industry simply cannot afford to sit back and continue on a course of complacency. A truly global economy requires trade and partnerships in all areas of the world, with emerging markets at the top of the priority list.
Kevin von Neuschatz, CEO, Elemental Financial