Britain’s investment in the financial technology industry hit a new record, with deals worth almost £18 billion $24.87bn) in the first half of this year.
The figure puts the UK second in the world behind the US, which hit $42.1bn for the same period
The spree took global investment in the burgeoning sector to $98 billon, an $11bn jump from the $87.1bn invested in the second half of 2020, and maintained the City of London's European fintech dominance.
London's FinTech ascendancy in Europe continued in the face of the UK government's failure to establish a post-Brexit deal, which gives the City equivalence to companies operating within the EU single market.
The £18bn splurge was fuelled by the London Stock Exchange's purchase of financial data provider Refinitiv for $14.8bn while investors poured funds into more than 280 of the UK's leading fintechs.
Covid-19 has spurred a race to digital in UK financial services and many of the major banks have dipped into their investment pots for digitisation
KPMG
Venture capital firms with a beady eye on start-ups were particularly prolific, doubling their FinTech investment from the last half of 2020 to $6.2bn
London is a centre financial technology and is the home of 3,018 FinTech operations, more than any other city worldwide.
The pandemic has also played a part in accelerating the City's relentless digital drive.
“Covid-19 has spurred a race to digital in UK financial services and many of the major banks have dipped into their investment pots for digitisation – a major reason we are seeing so much corporate investment," Karim Haji, Europe, Middle East, Africa and UK head of financial services at KPMG, told The Guardian.
“This timing, together with the UK’s reputation as a historic financial services sector and ongoing work to nurture FinTechs, from testing through to listing, makes the UK a magnet for investment.”
His colleague, Ian Pollari, KPMG’s global FinTech co-lead, believes investment in FinTech will become a long-term global trend.
“Large funding rounds, high valuations and successful exits underscore the thesis that digital engagement of customers that accelerated during the pandemic is here to stay,” Mr Pollari said.
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Honeymoonish
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Mohammed bin Zayed Majlis
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
ZAYED SUSTAINABILITY PRIZE
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