Treasury speaks on Fintech

Simon Kirby, Economic Secretary to the Treasury, spoke at the LSE Global Fintech Investor Forum where he emphasised UK dominance in Fintech innovation. Mr Kirby gave three examples of what others envy in the British system: FCA’s regulatory sandbox, the Bank of England’s Fintech Accelerator and the Fintech Delivery Panel. He also mentioned the Open Banking initiative saying, while not quite yet there, it was on track for full release in January of next year. He acknowledged Brexit uncertainty and the concern about talent recruitment. He downplayed concerns stating that he cannot conceive any circumstance in which the government would want to stop companies moving highly qualified, highly skilled people into their businesses in the UK. The government will also continue to keep working to make links between the UK and other international markets, particularly through Fintech Bridges.