UK government unveils new fintech strategy

Last Thursday saw the government reveal its new fintech strategy in a speech by Chancellor Philip Hammond to London’s’ International Fintech Conference.

Included were plans to create a new set of industry-wide standards, designed to make it easier for fintech firms to partner with banks. Alongside a ‘robo-regulation’ pilot scheme, which aims to make regulatory compliance affordable by building it into software, it’s a sign of the government’s determination to make entry into the fintech market as easy as possible.

Hammond also announced the creation of a new taskforce to examine the benefits and risks represented by cryptocurrencies, as well as a ‘fintech-bridge’, which will make it easier for UK fintech firms to expand into Australia.

As firm believers in the potential of UK fintech, we’re pleased to see the sector receive backing from the very top of government. And we can’t wait to see what new innovations are made possible by the strategy.