See full analysis Learn more Financial Services The opportunities presented by Open Banking for enhancing financial inclusion, improving competition in the financial services space and promoting efficient services are compelling cases for the implementation of Open Banking in Nigeria. The UK Centre for Greening Finance and Investment in London and Leeds will encourage financial services to turn the tide of their investments and focus on sectors and companies that have a smaller environmental footprint. Rules agreed for 28 countries with vastly different financial sectors will inevitably not be ideally tailored for an industry as big and developed as that in the UK. Banking and financial institutions are 300 times more likely to be at risk of a cyberattack than other companies. China will step up efforts to support green industries with innovative financial products and services. New York will continue to take nation-leading, innovative approaches that address climate-related financial risks, support the needs of underserved communities, and combat environmental and racial injustice. The trade deal will cause competitive pressure on the domestic economy, especially in sectors and industries in which the UK has strength such as financial services, pharmaceuticals and chemical industries. In as little as five years from today, 50% of financial services in Germany will be provided by non-bank brands and challenger banks. In MENA countries, the United Arab Emirates in particular has pioneered regional efforts envisioning a greater adoption of technology by the financial services industry, among others, by providing support leveraging the development and expansion of FinTech. EU share trading could return to London as part of discussions between the UK and the bloc on financial services. The success of digital financial services will depend on the transformation of rural India from a cash-driven economy to a less-cash and more digital payments economy. There is likely to be growth in UK investment in sectors such as food and advanced manufacturing as supply chains shift in response to the new trading requirements while export-oriented sectors such as automotive and financial services could well experience capital outflows. Financial regulators are expected to emphasize racial equity as they focus on consumer protection and expanding access to financial services in keeping with President Biden's focus on helping minorities and people with low and moderate incomes. Supply chain threats to financial services institutions over the past year have mainly involved technology partners including managed service providers and cloud service providers. The United Kingdom leaving the European Union will mark the end of freedom of commerce in financial services. The UK has an opportunity to lead developments of delivering seamless financial services, which will build a world class digital economy. The opening up of insurance sector to 74% FDI, tax incentives for relocating foreign funds in International Financial Services Centre in GIFT city and the allocation of Rs15,700 crore towards MSMEs open up new opportunities for Indian fintech companies. In 2021, we expect to see brands build on their new role as financial therapists; providing services and financing options that help consumers feel safe and secure with their money. The Mizuho Financial Group will consolidate European custody operations through MHTBL and will consolidate European securities lending services through MHI. Any attempt to unpick London's highly developed financial services ecosystem could result in much of the business lost by the UK relocating to New York or other financial centres outside the EU, rather than the EU. Trust in banking is paramount and regulation and risk management are going to remain the pillars of financial services. Last updated: 22 February 2021 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No