Latest UK Move May Give A Boost To The Fintech Sector!
The UK is steadily cementing its place as the global hotspot for fintech sector. As reported by the Financial News, the latest initiative taken by the UK government, which aims to provide tax credits to projects which lead to substantial success in science or technology through the resolution of scientific or technological uncertainty, may eventually end up helping this sector even further. For the fintech industry, this indeed could turn out to be an excellent opportunity to up its game and scope. The Financial news report further also stated that the question which the industry must now....
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The Bank of England has announced that it is exploring new financial technologies by working closer with FinTech companies in order to boost cyber security and new payment systems. Mark Carney, the governor of the Bank of England, set out his remarks on FinTech and the consequences that it could have on managing the economy and financial stability. The move will include the launching of a FinTech Accelerator, which will work in partnership with FinTech firms on challenges that the central bank faces. He said: The Accelerator will work with new technology firms to help us harness FinTech....
Not one to remain behind in the FinTech race, Australia is increasing its investments in FinTech in a bid to boost its financial management systems and to improve its status as a leading country in financial technology, according to research from East & Partners, an Australian-based market research firm. The research found that Australian corporate treasurers are planning on increasing their spending on FinTech by around 12.2 percent. It added that 17.6 percent of treasurers had already invested in the sector while an additional 24.2 percent were exploring the possibility of investing.....
A senior central bank official has stated that the priority of the Bank of England is to create a regulatory approach to Fintech as it understands its impact, according to Reuters. Victoria Cleland, the BoE’s Chief Cashier, explained that the risks and advantages of digital currencies and blockchain were being assessed. This announcement by the BoE comes when policymakers in Britain want to know if London will remain the global centre for Fintech or if companies will move to other European countries instead. Cleland said that the BoE was working with firms in the Fintech sector to....
Canada’s Bank of Nova Scotia has announced that it has opened a new FinTech space designed to develop blockchain and artificial intelligence in the hopes that it will push it ahead of competition in the industry. In a report from Yahoo! Finance, Shawn Rose, Scotiabank’s executive vice president of digital banking, explained that the move was designed to support the bank’s intention of becoming a leader in FinTech. He adds that the move was also in response because of competition growing within the sector. He said: It’s accelerating, that competitive fear. We don’t want to lose a day. It’s....
The Australian Government Treasury has, in a detailed policy statement pledging support for Fintech to boost the industry, revealed that digital currencies such as Bitcoin will be exempt from double taxation. The policy statement also details how the government plans on regulating companies in the Fintech arena, as well as those in the bitcoin and blockchain space. In a policy statement released by the Australian Government today, new proposed measures to boost the Fintech sector and establish Australia as a Fintech destination will see the government reduce tax barriers for Fintech....