Ever wondered about the role of the British Embassy in shaping the fintech landscape? Are you curious how Belgian and UK fintech scenes blend? In this intriguing conversation, we're joined by Laure Clynckemaillie, a senior trade advisor at the British Embassy in Brussels, who provides us with a wealth of insights.
Laure shares her expertise from both sides of the channel, explaining the embassy's critical work supporting Belgian companies scaling up in the UK and assisting UK companies exporting to Belgium. She introduces us to five innovative UK fintech companies. From cybersecurity to AI, these firms bring a rich blend of digital insurance schemes, data analytics, and 24/7 customer service through chatbots, among other things. Join us as we explore what these companies aim to achieve from the DFS event in Brussels. We'll also compare the vibrant UK fintech scene with Belgium's, discussing their contributions to the economy and their interplay. You don't want to miss this conversation for a comprehensive look into the current fintech climate.
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Speaker 2:
Welcome to another episode of our podcast done by us, the connector, but also fintech Belgium. Live at DFS here in Brussels, and with me I have Laura. Laura is working for the British Embassy in Brussels, so can you explain us what does the British Embassy do in Brussels?
Speaker 3:
Sure. So first of all, hi everybody. So my name is Laugh Laughlinke Ma'i. I'm a senior trade advisor at the British Embassy in Brussels and within the embassy I'm actually part of the department for business and trade. So this department is made of two sub teams, so one FDI, so one helping Belgian companies who are looking to scale up into the UK, and one trade side, which I'm part of, helping UK companies export to Belgium. And that's the reason why we're here to do with five UK companies.
Speaker 3:
So I've heard, so I've heard yeah, you can just come say hi at our booth. So we're here with five fintechs, all coming from different sub sectors of the fintech field. So we've got a cyber company, we've got a data analytics company, AI, intertech a bit for everyone, I would say.
Speaker 2:
And would you mind, maybe, to explain us in a couple of words. What are these companies doing?
Speaker 3:
Sure. So the five companies are Casco, simidine, spexy, panovate and Leprevis. So in a nutshell, casco provides intertech as a service, so they enable insurers, banks or other large distributors to set up digital insurance schemes. Simidine is more, providing agent based model simulations, so they provide simulations to enterprise companies, to market simulators, that kind of thing. Leprevis is a cybersecurity company. You might have heard them this morning because they were pitching during the startup competition. So what they do? So they provide dynamic deception, the provisions, dynamic deception, environment.
Speaker 2:
Sorry, that's a lot.
Speaker 3:
Yeah, and basically they define the threat that are going on. Very interesting as well. Then we've got Spexy, which is a conversational process. Automation platforms enable financial services companies so banks, insurance companies to offer 24 seven service to their customers through chatbots. And then we've got, finally, panovate, which is a company that offers a range of different innovative products, among which Silla, which is hard to say. This is more middleware, providing AI, assisted logic, but also security at the same time. So we're here with five of them today. They're all eager to talk to the Belgian FinTech ecosystem, so come say hi, I would say.
Speaker 2:
I think that's what everyone needs to do and I'm glad that you just give a sort of high level view what they do. But, in all honesty, what are the companies looking for when they come here?
Speaker 3:
So I think the first point to come to the FS for these companies is to meet the Belgian FinTech ecosystem, so to build relationships, to see who are the players out here and really create connections and relationships. So they're mostly looking for partners and for clients, but I think the main point of the FS is really building the bridge between the UK FinTech scene and the Belgian FinTech scene, and I think that's mainly their goal.
Speaker 2:
Well, interesting. I think then they are at the right place here at the FS. When people talk about UK, then obviously immediately you make the reflection like UK is, is and has been the FinTech hub for Europe for such a long time. Do you think that statement is still right and do you feel this is changing, or maybe not?
Speaker 3:
Yeah, the FinTech scene is very vibrant and very alive. So to give you a couple of numbers, perhaps you could say that the sector itself contributed to 11 million pounds a billion pounds to the economy in 2022, which is quite significant amount.
Speaker 2:
That's a lot of money.
Speaker 3:
Also perhaps to put things into perspective between the UK and Belgium. So in the UK there is an excess of 3,500 FinTech companies, Whereas I think FinTech Belgium has 130 members. Obviously you can't really compare it because the UK is a much larger territory than Belgium is, I think, six times larger but still gives you a flavor that the FinTech scene there is still very much vibrant, still very much alive, has a lot to offer to European companies that want to go there.
Speaker 2:
Is it still focused a lot around the city, the city of London?
Speaker 3:
I mean, obviously London is an important FinTech, but the UK is not only London. So we've got Foreigner for Wales, which is a very important cyber I mean, who specializes in cyber in the EI Northern Ireland as well. Scotland is also a very important FinTech hub, so you've got a whole of the UK. Also, if you have any question on this, for those who are present at the FST today, my colleague Elias Seliman, senior investment advisor, has given brilliant talk this morning about the UK FinTech ecosystem. So if you have any question, I think the presentation will be uploaded on the FinTech Belgium website.
Speaker 2:
Laura, I was wondering did you see the market, especially in FinTech, changing in London, uk?
Speaker 3:
So, as I already mentioned before, so the scene is still, was and still is very much vibrant in the UK regarding FinTech, but tech in general, I would say. But I must say that, well, I've started this position as a tech trade advisor around two years ago, a bit more, two years and a half, and, for example, this year for the FS, when I was, you know, doing the call for applications in the UK for UK companies to come over, I had quite, I mean, we had quite a large turnout of an interest from UK companies to come over for the Digital Finance Summit, which I believe is very positive.
Speaker 2:
Absolutely.
Speaker 3:
And really shows that there is interest in the UK regarding the Belgian market and I believe, also vice versa. So yeah, I would say so. It was great and it's still great, but personally speaking, I've seen even more interest this year.
Speaker 2:
Why do UK companies like continental Europe as a go-to place?
Speaker 3:
Obviously, in my role I only cover Belgium, so I cover export to Belgium. I think Europe has a lot to offer to UK companies and perhaps just to speak about Belgium, there is an interest in Belgium because Belgium is at the heart of Europe we're very close to other markets the Netherlands, germany, france, luxembourg. There is an interest from UK companies to export and trade with Belgium.
Speaker 2:
You brought a variety of fintechs to us here in Brussels. Do you see any trends on a general level, like what type of fintechs that you see most within the UK market?
Speaker 3:
Perhaps to answer your question, I think the UK market and the UK offering in tech companies is very broad. We have and I will refer back to the presentation of my colleague Adiast but we've got a couple of regions specialising in different kinds of techs more cyber in Wales. Scotland is also a very big, important fintech hub after London. I believe We've got a lot of varieties. It's hard for me to pinpoint that. I see a lot of fintechs.
Speaker 2:
If you have to choose something, which one would it be?
Speaker 3:
I would perhaps say cyber, if I must say, because obviously it's a very subjective thing, but it's more what I see the most in my job from UK companies interested in Belgium.
Speaker 2:
Fair enough At the end of this podcast and Loret was really nice to have you here.
Speaker 3:
It was a pleasure for me too.
Speaker 2:
Great. I'm sure people are very keen to know how to get in touch with you and the embassy here in Brussels.
Speaker 3:
Yes. So for people present today at DFS, I would just encourage you to not be shy and just come and say hi so you can either talk to me, either come talk to the companies or to my A-V-D-I colleagues, who are present as well today. Otherwise, you can, as already mentioned, look up the presentation that has been done. You can find the contact details on my A-V-D-I colleague on this as well. And then, finally, I will encourage you to get in touch after the conference if you have any interest in the UK, if you're a Belgian company looking to scale there or if you're interested in the UK tech offering.
Speaker 2:
So not Christmas shopping in London.
Speaker 3:
No, unfortunately, but I will encourage you as well to go follow our LinkedIn page. So, very simple add British Embassy Brussels. On this page we post a lot about what we're doing and about the upcoming events that we're planning. So, please just follow, thank you very much.
Speaker 2:
Let's get in touch. I hope many of us will do. I will surely do so, lord, thank you very much. Thank you also to the audience, and stay tuned for more news.
Speaker 3:
Thank you very much. Have a nice day everyone.
Speaker 2:
Thank you.
Speaker 1:
Bye, bye. Thanks for listening to another episode of the Connector Podcast. To connect and keep up to date with all the latest, head over to wwwjointheconectorcom or hit subscribe via your podcast streaming platform.