Bank of England says it will not stifle FinTech

fintech insurtech wealthtech regtech ai cybertech esg news
fintech insurtech wealthtech regtech ai cybertech esg news

The Bank of England says that it will not stifle fintech development as it attempts to lay down regulations for the rapidly-growing sector.

The central bank’s chief cashier Victoria Cleland said that devising a regulatory approach to fintech and the impact its having on the existing financial landscape is a key priority for the bank this year.

The uptake of new digital services is growing rapidly in the UK with the alternative financing market alone reaching $5bn last year.

The Bank of England said that it is trying to get to grips and understand where the need for regulation comes in.

The Financial Stability Board, a global watchdog chaired by BoE Governor Mark Carney, is also exploring blockchain and whether its use in financial transactions could undermine existing systems and require new rules.

Copyright © 2016 FINTECH GLOBAL

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