A cryptoassets task force, comprising HM Treasury, the Bank of England, and the Financial Conduct Authority, is being established by the UK Government to put the country “at the forefront of harnessing the potential benefits of the underlying technology, while guarding against potential risks”.
It forms part of the Government’s fintech sector strategy launched today by the Chancellor, Philip Hammond. It will also include ‘obo-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.
A set of industry standards will be created to enable fintech firms to more easily partner with exisating banks, along with shared platforms to help remove barriers firms face in setting up complex financial services. The strategy also includes a employability programme and the appointment of three regional fintech envoys.
The UK fintech sector contributes £6.6 billion annually to the UK economy, and employs over 60,000 people across 1,600 companies. In the first three quarters of this year the sector received a record £2.1 billion investment.
The Secretary of State for Digital, Culture, Media and Sport, Matt Hancock, is scheduled to announce that Tech City UK is creating fintech programme to support new companies in the sector across the UK “to become tomorrow’s global fintech firms”. A ‘fintech bridge’ agreement will be signed with the Australian Government to increase trade between the two countries and harmonise policy and regulations.
“It will bring together our regulators, policy makers, and private sectors to build an improved fintech ecosystem to support the growth of our fintech markets,” said Hammond. “This is underpinned by the most advanced regulatory partnership that the FCA has signed, connecting the UK to a market of 24 million people and ensuring stronger commercial ties with Australia’s rapidly growing fintech sector.”
DigitalScotland 2022
25 Oct 2022
Not a drop wasted: digital cask filling can save the whisky industry millions
Scotland’s food and drink sector is central to the country’s economy. Bringing in around £14 billion every year, it employs more than 115,000 people and accounts for one in five manufacturing…
The value of engineering in the curriculum
If you were to look back at the greatest discoveries in science and technology over the past 30 years, you would soon notice that engineering is a key catalyst for…
Glasgow Council leads the way in digital learning
In 2017, we at Glasgow City Council took the opportunity to overhaul our digital approach to education and redefine learning, keeping in mind the core aim of reducing the impact…
Why data is the new oil
In 2006, British mathematician Clive Humby coined the phrase, “Data is the new oil”. This analogy has been proven correct as data now powers entire industries and holds tremendous value…
Global Entrepreneurship Week offers chance to reset aspirations amid new innovation landscape
With the advent of Global Entrepreneurship Week, it is an opportunity for us to celebrate the innovators, the grassroots risk takers who drive the economy, and those who invest in…
Aberdeenshire leads the way in work-based learning
There has long been debate about the distinction to be drawn between vocational and academic learning. However, in Aberdeenshire Council the focus is on what is best for our learners;…
5G connectivity can ’empower people to restore our planet’
Six years on from the Paris Climate Accords and the world is still getting warmer. We are now seeing first-hand the impact of climate change – the floods and fires…
Cracking the code to offline computational thinking
In our digitally connected world, it can be argued that coding and especially computational thinking have become essential parts of a new ‘computing literacy’ to support traditional literacy. These computational…
