Gib-based alternative lender shrugs off Brexit concerns

Gib-based alternative lender shrugs off Brexit concerns

Gibraltar is a great place for business despite Brexit, said Sancus CEO Andrew Whelan at a lecture on the future of alternative finance yesterday.

Mr Whelan was speaking at an event hosted by Sancus held at the Garrison Library, where he said Gibraltar had shown itself to be growing and prospering.

His company Sancus is a marketplace lender that offers financing and flexible funding to small and medium sized enterprises.

“With the uncertainty of Brexit there is headwind potentially with the banking sector contracting but there are tailwinds that are very strong,” Mr Whelan said.

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“The British mentality, the Anglo-Saxon mentality, of walk forward and keep moving forward is what we do best.”

“I have been impressed about how quickly Gibraltar is building itself with constructions such as the World Trade Center.”

Mr Whelan gave an hour long presentation that focused on the future of business both on the Rock and internationally.

He described how businesses have delved into the future through the use of mobile phone apps offering services such as online taxi service ‘Uber’ based in America.

He also offered some insight into why he opted for Gibraltar as a base for his business.

“There are many good businesses here. What I always liked about Gibraltar is that it is very similar to the [Channel] Islands, and I like working in small communities,” he said.

“Gibraltarians have that sense that they will not be defeated [by Brexit].”

“We think Gibraltar is a great place to be in business now and in the future, and that is not going to change.”

The packed event was also attended by the Minister for Economic Development, Joe Bossano, who put a question to Mr Whelan.

Mr Bossano asked if interest rates increased would this be good or bad for the alternative financing market.

Mr Whelan said initially there would be no impact and he did not see it as being a potential problem.

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