The Bank of England (BoE) has announced it will set up a fintech hub to drive new technological developments within the Bank and monitor developments that could help boost the UK’s weak productivity levels.
In a speech given by BOE Deputy Governor Dave Ramsden, he outlined the central bank’s plans: “We have set up a new fintech hub that will sit at the heart of the Bank, to consider both how the Bank understands and how it applies fintech, relevant to its mission.”
He added that he needs to remain open minded about the way fintech could impact the UK economy, as well as about the risks and opportunities associated with cryptocurrencies and blockchain technology.
“The defining trend of the last ten years has been the weakness of productivity. Given the size of the financial sector in the UK, I can see fintech driving competition and a pick-up in productivity in the medium term.”
The speech followed the government unveiling of a new fintech strategy to bolster the growing industry, including a move towards automating regulatory compliance which Chancellor Philip Hammond said would help by “reducing costs for financial services firms and removing a key barrier for fintechs”.
In a move which Mr Hammond described as “our most ambitious collaboration to date,” he also announced a new “fintech bridge” to Australia, following existing links with Singapore, China, Korea, and Hong Kong, which brings together “regulators, policy-makers and private sector leaders to collaborate on growing our respective fintech markets in tandem.”
“Britain is, and will remain, a great place to do business,” Mr Hammond adds. “It is the global capital for finance, fintech, and a major hub of fourth industrial revolution technologies. My priority as chancellor is to go on pushing us to do even better.”
At Beavis Morgan, our dedicated Entrepreneur Support Team works with entrepreneurial people in the fintech sector, assisting with starting up, fundraising and investment, and advising on business growth and development, whilst all the time helping you navigate the maze of often complex tax issues.
We also offer specialist services to identify business opportunities for overseas investors looking to enter the UK market – and we provide a comprehensive range of professional services to help you make the most of your investment in the UK.
Contact Steve Govey for advice on how we can assist you and your fintech business, and Paul Ashton for further information about how we can help you secure the right investment opportunity in the UK.
Further reading: Click here to read more about our services to Chinese investors starting up in the UK.