Bank Of England: ‘Tougher Regs’ For ‘World’s Leading Fintech Center’ London
UK fintech businesses should prepare for a more “intense regulatory focus” in the future, the Bank of England has said sharing its vision of post-Brexit London. The Bank’s governor, Mark Carney, also stated in a speech Wednesday that despite Brexit negotiations, London was to become the “world’s leading fintech center.” Fintech could ‘exacerbate financial volatility’. The somewhat contradictory remarks from Carney were made in his capacity as chairman of the Financial Stability Board, a Swiss-based group which makes recommendations to G20 countries. He said that fintech companies en masse....
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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....
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....
In a speech prepared for the Lord Mayor’s Banquet for Bankers and Merchants of the City of London at the Mansion House, Mark Carney, governor of the Bank of England (BoE), revealed that the BoE is launching a fintech accelerator. “I am announcing tonight that the Bank is launching a fintech accelerator to work in partnership with fintech firms on challenges that we, as a central bank, uniquely face,” Carney says in his prepared remarks. “The accelerator will work with new technology firms to help us harness fintech innovations for central banking. In return, it will offer firms the chance....
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....
Technology and consulting major Accenture and 16 other leading banks have invited applications for the Fourth Annual Fintech Innovation Lab London. Earlier, there were 15 banks which supported Fintech Innovation Lab London, but now, Societe Generale has become the 16th. Other leading names are Bank of America Merrill Lynch, Barclays, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, Intesa Sanpaolo, JPMorgan Chase, Lloyds Banking Group, Morgan Stanley, Nationwide, RBS, Santander and UBS. The competition is open to fintech entrepreneurs that are developing disruptive new products,....