Bank of England Aims to Boost FinTech Sector
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....
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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....
Bank of England to include blockchain interface supporting Bitcoin and other digital currencies in its revamped interbank payment system. The Bank of England is known for its progressive outlook. On multiple occasions, representatives of the English Central Bank have hinted the use of digital currency and blockchain technology in the near future. They may have been referring to the recently announced plan to revamp the country’s interbank payment system all this while. In an announcement, the Bank of England made its plans to upgrade its interbank fund transfer network by the end of this....
The UK's newly opened FinTech accelerator is seeking additional ways to explore blockchain tech. Speaking during an event in London this week, the chief cashier of the Bank of England, Victoria Cleland, discussed the central bank's efforts involving financial technology, including the founding of a startup accelerator focused on financial applications. It's here that the Bank of England is seeking to study concepts such as distributed ledger-based digital currency, but the organization is already looking to move beyond its currently disclosed projects. Cleland said: "[Distributed....
The UK’s central bank said last week that it wants its next-generation settlement system to be blockchain-compatible. A consultation paper published last week outlined the major characteristics of what the Bank of England’s planned real-time settlement system, known as the Real-Time Gross Settlement (RTGS) service, should constitute. According to the Bank of England, the RTGS system essentially forms the foundation of what it does as a central bank. The bank began the process of looking at how the system could be augmented, upgraded or outright replaced earlier this year. Among the....
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....