Regulatory approvals for fintech firms plunged to fresh lows in 2022, the Standard can reveal, as the UK’s financial watchdog mounted a draconian crackdown on London’s fintech sector.
The approval rate of applications for Electronic Money Institution status, required for processing digital cash payments, fell to just 8% in 2022, figures obtained from the Financial Conduct Authority via a Freedom of Information request show, amounting to just 33 approvals. That compares to an approval rate of 90% in 2018 and a rate of 47% in 2021.
