Chancellor to announce new UK government fintech strategy

CHANCELLOR Philip Hammond is expected this week to unveil two large scale projects to boost Britain’s fintech sector, with blockchain technology and international cooperation high on the agenda.

Hammond (pictured), will launch a new fintech strategy at an international conference on Thursday, according to The Sunday Times.

The strategy includes plans for a new taskforce made up by the Treasury, Bank of England and regulator Financial Conduct Authority to examine the risks of cryptocurrencies and blockchain technology.

Read more: UK fintech funding rises as Brexit unease softens

He will also announce a “fintech bridge” with Australia, which will create tighter bonds between each country’s governments, regulators and industries to make it easier to trade in both markets.

Hammond’s planned strategy will also create a “fintech delivery panel” to focus on creating new industry standards to make it easier for companies to partner with banks.

Furthermore, three “fintech regional envoys” will be created to try and encourage the UK’s regional banks and building societies to take up more fintech.

The new strategy from Hammond will follow close behind the creation of the City of London Corporation-backed Fintech Strategy Group, which aims to bring together senior leaders from across the finance industry to maintain fintech’s growth in the UK.

London is battling to maintain its place as a global hub for fintech in the face of Brexit, with the EU already making moves to take some of the market share after the European Commission proposed a draft law to allow crowdfunding platforms easier access to the entire economic bloc.