Chancellor sets out plans to boost UK Fintech and Financial Services
Speaking at Fintech Week, the Chancellor Rishi Sunak set out proposals to enhance the UK’s competitive advantage in fintech and the financial services industry, from regulatory support and reforms to help firms grow to a new taskforce to lead the UK’s work on a central bank digital currency.
Building on opportunities generated since the UK’s departure from the EU, the Chancellor confirmed the UK will be taking forward many of the recommendations made in the recent Fintech Review, led by Ron Kalifa, and the Listing Review, led by Lord Hill.
Chancellor of the Exchequer, Rishi Sunak said: "Our vision is for a more open, greener, and more technologically advanced financial services sector. The UK is already known for being at the forefront of innovation, but we need to go further. The steps I’ve outlined today, to boost growing fintechs, push the boundaries of digital finance and make our financial markets more efficient, will propel us forward. And if we can capture the extraordinary potential of technology, we’ll cement the UK’s position as the world’s pre-eminent financial centre."
Overview of the proposal:
- new FCA ‘scale box’ and Centre for Finance, Innovation and Technology to boost growth
- UK to lead digitisation of finance with central bank digital currency taskforce and support for new technologies and infrastructures
- additional plans for capital markets reform to enhance open and dynamic financial centre
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