Business News: Greensill parable of engineering rapid progress.
The supply chain finance company, which goes by the name Lex Greensill, has always had an ambiguous relationship with the UK fintech sector. Australian lenders traditionally have Westminster More that Shoreditch technician, and some commentators say his business innovation is more financial engineering From Software engineering.
However, Greensill was fond of relationships with industries that tended to attract more money and higher valuations than boring old finance, and the industry was pleased to accept that as a British success story. Just last week, his business was listed as a prime example of FinTech making waves in China with government backing. Khalifa review.
That report also contained a quote from the “Greensill Professor in Fintech and Information Systems” at the University of Manchester business school. A senior executive from Greensill joined the school’s advisory board last month. The university declined to comment on whether it would reassess its relationship with the company now that it is preparing for insolvency and dealing with a criminal complaint in Germany.
The previous major German fintech scandal, the collapse of Wirecard, encouraged UK regulators to tighten fintech rules, even at the cost of start-up growth. If Kalifa’s review was meant to remind them of the “huge opportunity” for fintechs in post-Brexit Britain, last week’s experiences should remind you that rapid growth can also offer opportunities for fast-growing problems.
On the subject of Australian financiers, London insurance executives seem to have a soft spot for Australian insurer QBE and vice versa. Lloyd’s of London boss John Neal is a former CEO of QBE. He left that role in 2017 to be replaced by Pat Regan, who was CFO of Aviva based in London.