A new cryptoassets task force, the next steps in ‘robo-regulation’ to make it faster and easier for fintech firms to follow complex regulations and a new UK-Australia ‘fintech bridge’ to help UK firms expand internationally are some of the plans coming out of today’s government’s second International Fintech Conference.Fintech is claimed by the government to contribute £6.6bn annually to the UK economy, employs over 60,000 people across 1,600 companies and in the first three quarters of this year received £2.bn investment – and as a result, Chancellor of the Exchequer Philip Hammond is using the event to launch the government’s first Fintech Sector Strategy.
“I am committed to helping the [UK fintech] sector grow and flourish, and our ambitious Sector Strategy sets out how we will ensure the UK remains at the cutting edge of the digital revolution,” he is expected to say.
“As part of that, a new task force will help the UK to manage the risks around cryptoassets, as well as harnessing the potential benefits of the underlying technology.”
The Strategy includes:
- a Cryptoassets Task Force consisting of HM Treasury, the Bank of England, and the Financial Conduct Authority to help the UK to be at the forefront of harnessing the potential benefits of the underlying technology, while guarding against potential risks
- ‘Robo-regulation’ pilot schemes to help new fintech firms, and the financial services industry more widely, comply with regulations by building software which would automatically ensure they follow the rules, saving them time and money
- three new Fintech Regional Envoys to ensure the benefits of fintech “are felt across the UK”
- a set of industry standards which will enable fintech firms to more easily partner with existing banks
- help for new, small fintech firms to provide complex financial services and thereby grow their businesses and reach new customers
- encouragement for industry and government to work together to create ‘shared platforms’ which will help remove the barriers that these firms face in setting up 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.
“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,” Digital and Culture Secretary Matt Hancock is also expected to tell delegates.
“This new nationwide fintech programme will help startups right across the country flourish in the future and spread the benefits of this pioneering technology.”
Keynote speakers at today’s event include Hammond and Hancock, but also HM Treasury’s Special Envoy for FinTech Eileen Burbidge and business leaders including the CEO of Virgin Money, the chair of HSBC and the European VP of Facebook.
