Hammond looks to boost fintech

Written by Mark Evans
26/03/2018

Philip Hammond has launched the Government’s strategy for the fintech sector as he sought to talk up the financial technology sector ahead of Brexit pointing to the investment attracted to the UK (and London in particular) exceeds the rest of Europe. In order reinforce the message that the UK takes technology seriously, he also launched a 'crypto assets task force' to help protect investors from the chopping waters of cryptocurrency.

Amongst the ideas on offer were 'robo-regulation' from the FCA and Bank of England aimed at helping companies comply with laws and reducing costs for financial services firms, and removing a key barrier for fintechs as they enter financial services markets.

To spread innovation across the UK, Hammond announced the appointment of new envoys to England, Wales and Northern Ireland to promote the adoption of fintech by regional banks and building societies, complementing the work of the existing Scottish envoys.

In another nod to Brexit Hammond announced the signing of four FinTech Bridges with Singapore, China, Korea and Hong Kong, and a new FinTech Bridge between the UK and Australia.