United Kingdom continues to implement strategies in Financial Technology.
At an international conference of Fintech in London, Chancellor Philip Hammond revealed the new programs and strategies of Financial Technology that will help create an adequate economy for the future.
A new criptoassetos working group, advances in RegTech and a start-up support program in the United Kingdom and Australia are the main initiatives arising from the Fintech first strategy of the Government of the United Kingdom.
“I am committed to helping the sector grow and flourish, and our ambitious Sector Strategy sets out how we will ensure that the UK remains at the forefront of the digital revolution,” says Hammond.
Leading the bill, the Cryptoassets Working Group consisting of HM Treasury, the Bank of England and the Financial Conduct Authority will analyze the risks related to digital currencies and seek to take advantage of the underlying blockchain technology for the financial sector in general.
Hammond is also pushing for the creation of a new set of industry standards that will allow Fintech firms to more easily partner with banks and create software to help startups navigate the regulatory labyrinth.
Recognizing the regional contribution of companies based in and outside London, the Government will also designate three new Fintech Regional Envoys to ensure that the benefits of the strategy are felt throughout the country.
At the conference, the Secretary of State for Digital Media, Culture, Media and Sports, Matt Hancock, also announced that Tech City UK is building a complete Fintech Program across the country to support new companies in the sector throughout the United Kingdom. .
Specifically, the TechCity Fintech delivery panel is working with Barclays’ Connect with Work program, which seeks and recruits people over 16 years of age with the aptitude and attitude to work in fintech, but face barriers to doing so. It is also collaborating with the British Standards Institute and five major banks to help banks and startups achieve partnerships more quickly. The objective is to produce a set of incorporation guidelines that Fintech companies can use to evaluate their willingness to partner with a major financial institution.
TechCity has additionally committed to implementing a six-month accelerator program specifically for next-generation B2B companies.
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