Impact on Holvi
How does Brexit impact Holvi’s regulatory status?
Holvi is authorised to operate across the European Economic Area (EEA) under the Payment Services Directive by the Finnish Financial Supervisory Authority (FSA).
Right now, nobody knows what deal the UK is going to have when exiting the European Union (EU). But we have prepared for all possible scenarios and we do know the specifics on how each scenario will affect Holvi’s regulatory position. Overall Holvi’s regulatory position is not going to be affected during the transition phase and we are therefore going ahead with our plans to launch and grow in the UK.
Will Brexit be detrimental to Holvi?
We don’t expect Brexit to be detrimental to the Holvi business. We understand that we do not yet know the full extent of what Brexit will mean for our customers. We are fully committed to supporting microbusinesses through any changes.
What would the impact of ‘no deal’ be on Holvi?
We very much hope that the UK and the EU will reach a constructive deal with regards to financial services, but in the event of no deal we have applied for a Temporary Permission Regime, which allows us to keep providing Payment Services for our customers in the UK for a specific time period. This gives us enough time to apply for a license in the UK.
Why are you launching in these uncertain economic times?
70% of new jobs in Europe are created by businesses that are between one and ten people and 76% of the UK’s 5.9 million SMEs have no employees. That is a huge market and one we believe is underserved. We don’t expect Brexit to negatively impact Holvi’s regulatory status or ability to operate and grow in the UK market. We have done the due diligence and are ready to help.
How long will it take for Holvi to adapt for Brexit?
We don’t expect Brexit to affect the core operational workings of the Holvi business. For our customers, during this transition phase and with the ongoing uncertainty on the terms of the exit deal, we are making sure that our customer service team is as informed as possible so we are available to update and advise our customers.
Is Holvi ready for Brexit?
Yes when we looked into launching into the UK we were aware that Brexit was underway. We don’t expect Brexit to have an impact on our ability to launch and grow in the UK market.
Impact on customers
When Brexit happens what will be the impact on Holvi and its customers?
We don’t expect Brexit to have any impact on the Holvi business and its ability to operate in the UK market.
For Holvi customers, Brexit and the accompanying trade deal that the UK Government is negotiating could have some implications for those that sell services to other European countries. We are advising any Holvi customers to give us a call if they are unclear or feel uncertain. Our customer services teams are informed and experienced - no appointment required.
Are the accounts of Holvi customers safe when Brexit happens?
Yes the accounts are 100% safe. Brexit will have no effect on Holvi customer accounts.
What advice can Holvi give to micro entrepreneurs and freelancers who are concerned about Brexit?
Our customers can contact us about any concerns they have about the impact of Brexit on their business. We are making sure that our customer service team is as informed as possible so we are available to update and advise our customers.
What are your views on Brexit?
We were pro the UK being in the EU and hope that the Government can achieve a deal that works and allows the UK both to continue to thrive as a fintech hotspot and take advantage of the incredible talent across Europe.
What does Brexit mean for the European economy?
The ultimate impact of Brexit on the wider European economy is currently unknown and we wouldn’t want to hypothesise. We don’t expect Brexit to have an impact on the Holvi business both in Europe and in the UK in the short term.
What does Brexit mean for fintech?
The ultimate impact of Brexit on the European and UK fintech markets are currently unknown. Collaboration always accelerates innovation so we expect the UK to negotiate a deal that allows it to continue to grow as a thriving fintech hotspot.