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Brexit will cause damage to the financial services of both the United Kingdom and Europe, and the financial centres located outside Europe, like New York and Singapore, may benefit from it, was the main message of the seminar organised by the Foresight Centre, where the impacts of Brexit were discussed.

At the same time, Brexit will bring along new opportunities for the cities of Europe. For example, Bedford Row Capital Advisers, an asset management company in London, has established an office in Tallinn due to Brexit. If the advantages of Tallinn were skilfully promoted, other financial enterprises of London may also follow their suit. Strong development of technology and simplicity of doing business speak in favour of Tallinn. There would be potential first of all for fintech companies with modest number of employees.

Chairman of Bedford Row Capital Advisers Stuart Gordon, Chairman of British Estonian Chamber of Commerce James Oates, and Deputy Chairperson of the Foreign Affairs Committee of the Riigikogu (Parliament of Estonia), former Minister of Foreign Affairs Keit Pentus-Rosimannus were the keynote speakers at the seminar on the impacts of Brexit on financial services.

Representatives of Swedbank, the Central Bank of Germany, the Ministry of Economic Affairs and Communications, the Ministry of Foreign Affairs, the Ministry of Social Affairs, Tallinn University, the Estonian Business School participated in the seminar.

The seminar was organised by the Foresight Centre.