US became Britain’s biggest export market for financial services in run up to Brexit
December 8, 2021, 6:26 am

US became Britain’s biggest export market for financial services in run up to Brexit

Pounds-Banknotes/Pixabay

The Arab News reported according to Reuters that TheCityUK lobby group said on Wednesday, the United States became Britain’s biggest export market for financial services in the run up to Brexit, overtaking the European Union where sales shrank in 2020.

Britain’s financial sector was largely cut off from the EU — previously its single biggest customer — when Britain fully left the bloc’s orbit last December.
For 2020, total financial services exports remained little changed at 82.4 billion pounds ($109.07 billion). Exports to the EU fell 6.6 percent to 24.7 billion pounds, but rose 4.1 percent to 57.7 billion pounds to non-EU countries.

US-New York state/Pixabay

Exports to the United States rose 5.3 percent, said TheCityUK, which promotes Britain’s financial sector overseas.

Britain’s financial services trade surplus of $80.6 billion remains the largest in the world, nearly the same as the next two leading countries, the United States and Singapore, combined at $91.7 billion.

The EU, meanwhile, is building up its autonomy in finance, making it unlikely that Britain will regain unfettered access to the continent’s investors and financial markets.

Anjalika Bardalai, TheCityUK’s chief economist and head of research, said: “The UK’s status as a world leading financial center is at risk unless industry, government and regulators work together to boost long term competitiveness, deepen key trade links, and focus on new areas of future global growth."

Britain is now revising its financial rules to maintain London’s attractiveness as a global financial center to keep up with leader New York, and fend off competition from EU cities like Amsterdam as well as Asian centers.

Source: arabnews

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”