A new cryptoassets task force, the next steps in ‘robo-regulation’ and a UK-Australia ‘FinTech bridge’ to help UK firms expand internationally, have been announced by the government.
Speaking at its second International Fintech Conference, chancellor of the exchequer Philip Hammond said he was committed to helping the sector grow and flourish.
The FinTech Sector Strategy will include:
• A Cryptoassets Task Force consisting of HM Treasury, the Bank of England and the Financial Conduct Authority will attempt to harness the potential benefits of the underlying technology, while guarding against potential risks.
• A ‘robo-regulation’ pilot scheme to help new FinTech firms comply with regulations by building software which would automatically ensure they follow the rules.
• Appointing three new FinTech Regional Envoys to ensure the benefits of FinTech are felt across the UK.
• Creating industry standards to enable FinTech firms to more easily partner with existing banks.
• A commitment to create ‘shared platforms’ which will help remove the barriers that small FinTech firms face in setting up complex new systems.
• A Connect with Work programme developed by the government’s Fintech Delivery Panel to help FinTech firms to take advantage of the UK’s diverse workforce.
At the conference, Matt Hancock, the secretary of state for digital, culture, media and sport, will also announce that Tech City UK is building a FinTech Programme across the country. “We are determined to make Britain the best place to start and grow a digital business while giving consumers more choice when it comes to managing their money,” he stated.
The chancellor and Scott Morrison, treasurer of the Commonwealth of Australia, are also set to sign a new FinTech Bridge agreement, making it easier for firms to move between the two countries markets and harmonising policies across a range of relevant issues. This is underpinned by the most advanced regulatory partnership that the FCA has signed.
The UK FinTech sector contributes £6.6 billion annually to the UK economy, and employs over 60,000 people across 1,600 companies.
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