Featured Product

    HM Treasury Launches Strategic Review of Fintech Sector

    July 20, 2020

    HM Treasury launched a review into the financial technology industry of UK to identify opportunities to support further growth in the sector. The Independent Fintech Strategic Review will identify priority areas for industry, policy makers, and regulators to support the ongoing success of the UK fintech sector. The review will consider how the UK can continue to foster innovation, maintain an ecosystem that supports growing firms, and promote the integration of new technologies across financial services. The review will make recommendations addressing three objectives that involve enabling growth, widespread adoption of fintech solutions, and advancing the international reputation of UK fintech. The review will be performed independently and will report to the HM Treasury with recommendations in 2021.

    The review will run five workstreams, with each workstream being led by experienced financial services and fintech professionals. Each workstream will ultimately make up to three recommendations and each recommendation will seek to advance one or more of the objectives of the review. The five workstreams are:

    • Skills and Talent—The review will make recommendations for building a robust and diverse UK workforce qualified in areas relevant to emerging financial trends, through developing a domestic skills base and addressing barriers to attracting foreign talent.
    • Investment—The review will make recommendations for diversifying the UK investment landscape and addressing the challenges to attracting growth funding.
    • National Connectivity—The review will make recommendations for supporting the growth of regional fintech through improving intra-region connectivity and leveraging the strengths of other fintech hubs.
    • Policy—The review will make recommendations for enabling and fostering wider adoption of innovation, including supporting cooperation between fintech and financial institutions, while promoting competition.
    • International Attractiveness and Competitiveness—The review will make recommendations for promoting UK solutions to overseas markets and support international exports and for promoting UK as a key market to establish and grow a fintech company.

    The UK has established a world-leading fintech ecosystem, largely due to strong government support, a forward-leaning approach to regulation, and access to skills and capital. The government recognizes that now is the time to build on this success; the COVID-19 crisis has shown that further work needs to be done to increase mainstream adoption of technology solutions and to enhance the resilience of UK fintech.

     

    Related Links

    Keywords: Europe, UK, Banking, Fintech, Strategic Review, HM Treasury

    Related Articles
    News

    EBA Proposes Standards for IRRBB Reporting Under Basel Framework

    The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.

    January 31, 2023 WebPage Regulatory News
    News

    FED Issues Further Details on Pilot Climate Scenario Analysis Exercise

    The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.

    January 17, 2023 WebPage Regulatory News
    News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8699