UK Attempts to Accommodate Fintech

September 12th, 2016

Recurring Theme:  Technology & Innovation

Summary Analysis: 

As fears of the impacts of Brexit on the United Kingdon’s financial services industry mount, the Bank of England has sought to accommodate and reassure its fintech providers.  Earlier this summer the central bank launched a FinTech Accelerator in an effort to include the emerging sector in its operations.  Now, the BOE is considering how to appropriately regulate the fintech space.

In this midst of this evaluation, the BOE has promised it will not “stifle” innovation and technology in financial services and announced plans to extend its accelerator. Reuters recently reported BOE Chief Cashier, Victoria Cleland, said, “It’s very difficult to decide how to regulate” the space and the central bank is still working to “understand what the red lines would be.”  Eventual new fintech rules are likely.

Resources:

FinTech Accelator:

http://www.bankofengland.co.uk/Pages/fintech/default.aspx

Press:

http://in.reuters.com/article/us-boe-tech-idINKCN11E1P0?il=0

https://www.cryptocoinsnews.com/boe-wont-stifle-fintech/

http://www.econotimes.com/BoE-explores-implications-of-blockchain-and-central-bank-issued-digital-currency-277718