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            • Bitcoin Price Volume Decline with Lowering Volatility
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      • Mortgage rates today, April 3, 2020 plus reviews
        • cmc currency details
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      • Microsoft Vulnerability: Hundreds of Microsoft Servers Contaminated By Crypto-Mining Botnet Since 2018
        • Cision PR Newswire
        • Coupons – Best websites
          • Aeromexico Rewards Chart
          • Get Avios Points Free
      • Today Bitcoin Price at $6,800 USD
      • Pandemic Is Changing BTC Usage in ‘Unexpected Ways’
      • Macropay on Alternative & local payment methods that are reshaping global e-commerce
      • Bank of America is preparing for a flood of Applications to Small-Business Loan
      • Microsoft might be the best tech stock in this market
      • US Airlines To Work Collectively, Consolidate Flights
      • Bank of America maintaining business continuity and protecting the bottom line
      • US long-term mortgage rates drop
      • Bitcoin Price Bulls have been rejected at $7,000
      • Stock Market: 4 Top Stock Trades for Wednesday: NVDA, AVGO, BAC, IQ
      • Stock Market April 2 – Edge Higher; Oil Surges, Bonds Fall, Dollar Rose
      • Chase bank will raise up to $10 billion
        • Bitcoin Price Simply Surged to $6,500 After Over 10% Weekend Crash
        • Today Bitcoin Price at $7,000: BTC Leaps to Retest $7,000
        • Bank of America agreed to allow 50,000 mortgage customers to defer payments
      • Bitcoin Price Prediction April: Three Key Causes Why BTC May Plunge Beneath $5,000
        • Roll up the Sleeves! American Airlines was down -10.34%
        • Mortgage calculator rates today April 2, 2020
        • Mortgage Calculator Small businesses: SB have ‘a million inquiries’ regarding check help loans
        • Bitcoin Price Today April 1 – Bitcoin Takes Tumble
          • With Bank of America card you can request a payment deferral online
            • Bank of America fields 150,000 installment deferral demands
          • Coronavirus – Travel Insurance no cover cancellations
            • Bank of America said it won’t cut any positions
        • Bitcoin Price Today April 2 – BTC rise to $6,700
        • Mortgage calculator rates today March 31, 2020
        • Bitcoin Price Momentum Sign Reverses, Bull Run Lastly Inbound?
        • Bitcoin Price Recovering After a Sharp Decline
        • Fintech News Airbnb – How hosts are fighting back against Covid-19 fallout
        • Market Stock Boeing – Challenging Times Ahead for Boeing Stock
      • Bank of America U.S. Minimum Hourly Wage Reaches $20
        • Bitcoin Price Bulls – is Forming a Bull Cross After Rallying to $6,500
        • P2P Crowdlending – Average Interest Rate 18%
        • $633 Million BTC Transferred For Simply $0.26 Payment
      • Prime ICO Advertising and marketing Companies
      • Bank of America will provide up to $250 million
      • Bank of America VC: You tend to do the wrong thing at the wrong time
        • Bitcoin Price Jump as Coronavirus Curve Begins to Flatten
          • Bitcoin Price Today April 3
          • Bitcoin Price Is Sometimes Bullish in Q2
          • Bitcoin Price Tumble Beneath $ 6,000
          • BTC Price Today 5 | April, 2020
          • Bitcoin Price and S&P 500 – Here’s how much bitcoin beat the Dow and S&P 500 in the first quarter
            • Today Bitcoin Price at $6,600
              • Bitcoin Price Bulls Reaches: “Live or Die”
              • BTC Price Today | 6 April 2020
        • Bank of America sees big year for Microsoft ahead
          • American Airlines coronavirus downgrade
            • Bitcoin Price Rejected $6,600
            • Bitcoin Price Trace It Will Fall to $ 5 K
            • BTC Price Today April 4
              • Stock Market Today 31 March, 2020
            • US Bank Raises $586M Against COVID-19
              • Bank of America’s Solid Liquidity to Help Covid-19 Crisis
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      • Mortgage calculator rates today April 1, 2020
      • Mortgage Calculator – Students Benefits
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      • Calculator for mortgage to millennials
      • Mortgage Calculator Modification – What Is?
      • Mortgage Calculator Canada: Rates Are Rising
      • Mortgage Calculator Home – Is it time to repair your own home mortgage?
      • Mortgage Calculator
      • Mortgage Calculator Rates Today April 3
      • Mortgage Calculator Online
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  • Fintech Zoom
    • Contact us
    • About Us
    • Why Fintech Zoom?
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      • Advertising
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      • Sponsored Content
      • Press Releases
      • Guest Posts
      • Ask for Proposal
  • Insurtech
    • Insurtech “Best of…”
      • Best Life Insurance of 2020
      • The Best Renters Insurance Companies 2020
      • Best Pet Insurance Providers of 2020
      • Best Home Insurance Companies for 2020
      • Best Car Insurance Quotes Online
      • Best Homeowners Insurance Companies of 2020
    • Insurtech Guides
      • Insurance will not cover coronavirus losses
  • Lifestyle
    • Real Estate
      • Aston Martin Residences
      • The Best Miami Luxury Homes
    • Entertainment
      • Gambling
        • Understanding Different Types Of Online Slots
        • How to Read Odds: NBA Odds
        • Online Casinos
        • Betting
          • US Betting Sites
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          • Asia Betting Sites
          • The Best Sports Betting Sites
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          • NFL Betting Sites In 2021
      • Gaming
        • GameStop
        • Roblox
          • Is Roblox shutting down? Vs. Robox will be listed NYSE
      • Music
        • Spotify
    • Luxury
      • Most Expensive Watches
      • Best Luxury Clothing Brands
      • Best Luxury SUVs for 2020
      • Porsche
      • Luxury Yatchs
      • Best Luxury Cars
      • Best Luxury Sports Car
      • Best Electric Cars
      • Best Luxury Yoga Retreats
      • The Best Luxury Sports Cars
      • Best Time to Buy a Car
    • Health
      • Sex
      • Covid-19
        • Direct Payments in coronavirus
    • Tech
      • iPhone 12
  • Loans
    • Loans Guides
      • First time loan with no credit
      • Find the Best Private Lender for Personal Loans
      • Emergency personal loans for veterans
      • Fafsa deadline
      • Cash Loans
      • Bad Credit Loans
      • Bad Credit Loans Guaranteed Approval
      • Merrill Lynch Benefits
      • Loans CLO Pain Just Starting With Leveraged loan Rating Cuts
      • Can you get a loan without a bank account?
    • Loans “Best of….”
      • Best place to get an auto loan
      • Best Loan for Students – The Best Private Student Loans of 2020
      • Best Student Loan Refinance of 2020
      • Best Business Loan Lenders of 2020
      • Best Personal Loans of 2020
      • Best Auto Loan Rates for 2020
      • Best payday loans 2020
      • Best Online Loans for Bad Credit 2020
    • Loans Calculators
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      • Student Loan Calculator
      • Loan Calculator
      • VA Loan Calculator
      • FHA loan calculator
      • Auto Loan Calculator
      • Boat Loan Calculator
    • Loans Companies
      • Quicken Loans
      • Rocket Loans
      • Nelnet Student Loans
      • Wells Fargo Student Loans
      • Discover Student Loans
      • AES Student Loans
      • Amigo Loans
      • Likely Loans
      • Tesco Loans
      • Sunny Loans
      • Great Lakes Students Loans
      • Caliber Home Loans
    • Loans Types
      • Payday Loans Bad Credit
      • Online Loans
      • Personal Loan
      • Personal loans for debt consolidation 2020
      • Payday Loans
      • Auto Loan
      • Student Loans Calculator: Pause Scholar mortgage Funds
      • Payday Loans
  • Cryptocurrencies
    • Crypto “Best Of…”
      • Best Crypto Wallets 2020
      • Best Crypto Hardware Wallets of 2020
      • Best Cryptocurrency Exchange 2021
      • Best Crypto to Invest in
      • Greatest Cryptocurrency Tax Software program 2020
      • Best Crypto Trading Bot
      • Best Cryptocurrency Exchanges | April 2020
    • Wallets
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      • Crypto Exchange News
      • Exchange Fee
      • Crypto Exchange Ranking
    • Services – ICO
      • ICO News
      • ICO – Premium Listing
      • ICO Calendar
      • Greatest ICO itemizing websites ICO Score Businesses (2019) | Cryptocurrency ICO Checklist | ICO Calendar
      • ICO – Project Rating
      • ICO – Connect Investors
      • Airdrops News
    • Blockchain News
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      • Binance Coin
      • COINBASE
    • Top Cryptocurrencies
      • Tether
      • Bitcoin Cash
      • Dogecoin
      • Litecoin
      • Bitcoin
        • Bitcoin Guides
          • Bitcoin ATM near me
          • How to get a lot of bitcoin for free?
          • Bitcoin BTC Price
          • How to Buy Bitcoin
          • Bitcoin
          • Where to buy Bitcoin?
          • Bitcoin Price Guide
          • How to Mine Bitcoin on PC
          • Bitcoin Halving
          • How Long does it Take to Mine 1 Bitcoin?
          • What can you Buy with Bitcoin?
          • Easiest Way to Buy Bitcoin
          • Bitcoin Hoje
          • Bitcoin Halving
          • How to Make Money with Bitcoin
          • Bitcoin Price Prediction
          • Bitcoin Tax
          • Bitcoin Value
          • Bitcoin for Beginners
          • Mercado Bitcoin
        • Bitcoin Calculator
          • BTC to USD Converter
          • Bitcoin Preev
        • Bitcoin “Best of…”
          • 23 Best Place to Buy Bitcoin Online 2020
          • Bitcoin Betting
          • Best Bitcoin Sports Betting Sites 2020
        • Buy Bitcoin
          • Buy Bitcoin With Gift Card
          • Buy Bitcoin with Credit Card
          • Buy Bitcoin Cash
          • Buy Bitcoin Anonymously
          • Buy Bitcoin with credit card
          • Buy Bitcoin with Prepaid Card
          • Buy Bitcoin with Paypal
          • Buy Bitcoin Near Me
          • Buy and Sell Bitcoin
          • Buy Bitcoin: Best Ways to Buy BTC Instantly
          • Buy Bitcoin at Walmart
          • Buy Bitcoin ATM
          • Buy Bitcoin Through Paypal
          • Buy Bitcoin Without ID
        • Bitcoin Price
          • Bitcoin Price USD
          • Bitcoin Price Live
          • Bitcoin Price Live Ticker
          • BTC to USD
          • Price of Bitcoin
          • Price Charts – Bitcoin Price
          • Bitcoin 가격
          • Bitcoin Price Prediction
        • Bitcoin News
          • Current Bitcoin News
            • Bitcoin Price Analysis is now value as a lot as PayPal
            • Bitcoin Price Volume Decline with Lowering Volatility
      • Ethereum
        • Ethereum News
        • Ethereum Worth
      • Ripple
        • Ripple Price
        • Ripple News
        • Ripple
  • News
    • Fintech News Today
    • News
      • Mortgage rates today, April 3, 2020 plus reviews
        • cmc currency details
          • cmc exchange details
            • Shortcodes
      • Microsoft Vulnerability: Hundreds of Microsoft Servers Contaminated By Crypto-Mining Botnet Since 2018
        • Cision PR Newswire
        • Coupons – Best websites
          • Aeromexico Rewards Chart
          • Get Avios Points Free
      • Today Bitcoin Price at $6,800 USD
      • Pandemic Is Changing BTC Usage in ‘Unexpected Ways’
      • Macropay on Alternative & local payment methods that are reshaping global e-commerce
      • Bank of America is preparing for a flood of Applications to Small-Business Loan
      • Microsoft might be the best tech stock in this market
      • US Airlines To Work Collectively, Consolidate Flights
      • Bank of America maintaining business continuity and protecting the bottom line
      • US long-term mortgage rates drop
      • Bitcoin Price Bulls have been rejected at $7,000
      • Stock Market: 4 Top Stock Trades for Wednesday: NVDA, AVGO, BAC, IQ
      • Stock Market April 2 – Edge Higher; Oil Surges, Bonds Fall, Dollar Rose
      • Chase bank will raise up to $10 billion
        • Bitcoin Price Simply Surged to $6,500 After Over 10% Weekend Crash
        • Today Bitcoin Price at $7,000: BTC Leaps to Retest $7,000
        • Bank of America agreed to allow 50,000 mortgage customers to defer payments
      • Bitcoin Price Prediction April: Three Key Causes Why BTC May Plunge Beneath $5,000
        • Roll up the Sleeves! American Airlines was down -10.34%
        • Mortgage calculator rates today April 2, 2020
        • Mortgage Calculator Small businesses: SB have ‘a million inquiries’ regarding check help loans
        • Bitcoin Price Today April 1 – Bitcoin Takes Tumble
          • With Bank of America card you can request a payment deferral online
            • Bank of America fields 150,000 installment deferral demands
          • Coronavirus – Travel Insurance no cover cancellations
            • Bank of America said it won’t cut any positions
        • Bitcoin Price Today April 2 – BTC rise to $6,700
        • Mortgage calculator rates today March 31, 2020
        • Bitcoin Price Momentum Sign Reverses, Bull Run Lastly Inbound?
        • Bitcoin Price Recovering After a Sharp Decline
        • Fintech News Airbnb – How hosts are fighting back against Covid-19 fallout
        • Market Stock Boeing – Challenging Times Ahead for Boeing Stock
      • Bank of America U.S. Minimum Hourly Wage Reaches $20
        • Bitcoin Price Bulls – is Forming a Bull Cross After Rallying to $6,500
        • P2P Crowdlending – Average Interest Rate 18%
        • $633 Million BTC Transferred For Simply $0.26 Payment
      • Prime ICO Advertising and marketing Companies
      • Bank of America will provide up to $250 million
      • Bank of America VC: You tend to do the wrong thing at the wrong time
        • Bitcoin Price Jump as Coronavirus Curve Begins to Flatten
          • Bitcoin Price Today April 3
          • Bitcoin Price Is Sometimes Bullish in Q2
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Openness and integration – the new finance and new economy in a global context

Mia Turner by Mia Turner
November 18, 2019
in Uncategorized
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Home » Openness and integration – the new finance and new economy in a global context

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Openness and integration – the new finance and new economy in a global context

David Ramsden

Dave Ramsden

Deputy Governor, Markets and Banking

Speech given by Dave Ramsden, Deputy Governor for Markets & Banking Bund Summit, Shanghai

 

Intro

It is my great privilege to address you today. I would like to extend my sincere thanks to the China Finance 40 Forum, Huangpu District Government and the Shanghai Finance Institute for the opportunity to address this esteemed summit. I am here speaking on behalf of the Bank of England, the UK’s central bank, where I am the Deputy Governor with responsibility for our financial markets and banking policy and operations, a key element of which is fintech.

China and the UK are both leading global centres of financial innovation. We share economies where commerce is rapidly becoming digital and financial systems are evolving in response. We share populations that are increasingly open to new finance providers and new financial products. We also share a common goal of ensuring regulators manage and regulate appropriately, to ensure the financial system remains sound, both domestically and globally.

The UK financial sector is a national asset and a global public good. Our strong partnership with our Chinese colleagues is at the heart of that. I am delighted to be here with colleagues from leading British investment banks and the London Stock Exchange: examples of UK financial institutions supporting the needs of global clients and delivering the type of open financial flows the global economy needs.

Internationally the UK books more international banking business than anywhere else and over 40% of global foreign exchange and interest rate derivative business. We are also home to the second largest global asset management and fourth largest insurance centre.

At the Bank of England, we want to support the financial sector to realise the full promise of new technology, so it is deployed safely and for the benefit of our people. We see our role as providing robust but dynamic regulation that is appropriate for emerging innovations. In June, we published a series of commitments setting out how the Bank could support the economy and the financial system of the future.1 We know that all of these action areas will benefit from collaboration with international partners and learning from international best practice.

Today, I want to use this opportunity to explain what steps the Bank of England has taken in its approach to Fintech, and share a few lessons that we have learnt along the way. These lessons touch on the themes of openness and integration we have been discussing. In particular, I will stress the importance of three dimensions of openness: o Being open to new ideas; o Being open to new businesses entering financial services; and o Being open to improving our own operations.

 

Openness to New Ideas

Being open to new ideas and new ways of doing things is crucial for innovation. New approaches can improve the quality and inclusiveness of the financial services our people receive. However, this openness should not compromise our existing standards. Instead, we must weigh potential benefits to efficiency and resilience, against potential risks to financial stability. Let me give an example from our work in the U.K on machine learning that clarifies our approach.

New general purpose technologies like AI and machine learning hold the promise of increasing economic productivity and providing better products across the economy, including in financial services. However, if not overseen appropriately, this technology could introduce new risks and enhance existing ones. The challenges posed by AI/ML are well documented – I will not dwell on them here. AI raises a range of ethical, operational, consumer protection, and competition issues. What is more, these issues are not theoretical. We have already seen the potential for new financial risks from technology during flash crashes in algorithmic trading, reminding us of the potential for introducing new instability.

To ensure we balance the risks and opportunities appropriately, the Bank of England is researching machine-learning deployment. Together with the UK’s Financial Conduct Authority (FCA), we surveyed firms across the financial sector to understand the current state of deployment. Our ‘Machine learning in UK financial services’ report, published earlier in October, is the first structured study of its kind, anywhere in the world.2 This work has generated many interesting, policy-relevant findings.

 Two thirds of the financial services firms report they already use machine learning, live, in their business.

 Most firms stated that they did not identify UK regulation as a major barrier to their deploying machine learning, focussing instead on challenges internal to their organisation.

 The majority of users apply existing risk management frameworks. Several felt these frameworks might need to evolve as this technology becomes more sophisticated.

Having this up-to-date picture of AI/ML deployment is crucial to informing our perspective, as we continue to explore how policy can support the safe deployment of machine learning. We are continuing our engagement with industry, building on the results of this survey, with a public-private AI working group, which will be jointly chaired by the Bank and FCA. This will be a forum to gain deeper insights into AI deployment, the needs of the private sector and the steps they are already taking to reduce risk. We also want to learn from and collaborate with international colleagues.

Throughout our work on AI/ML we want to enable safe innovation. We are open to use of this technology, but with proper scrutiny to the practical details. This is how we balance the competing demands of our primary objectives, which include ensuring financial stability and ensuring safety and soundness of firms, and our secondary objectives such as promoting competition.

Open to new firms entering

My second theme is the importance we at the Bank of England attach to being open to new firms entering markets. In addition to supporting new ideas and approaches, fintech is creating a more open, competitive and diverse financial ecosystem. At the Bank of England, we see more businesses working on identifying and solving global financial challenges as a welcome development. It is clear that on several dimensions today’s financial system offers an imperfect service, including the cost and efficiency of domestic and cross-border payments and access for the disadvantaged or excluded. We want to improve the service consumers and businesses receive, without compromising our regulatory perimeter or undermining the ‘same risk -same regulation’ principle that underpins our approach.

At the heart of our vision for these improvements is putting consumers at the centre and empowering them to take full benefit from their data. I will discuss this in more detail at tomorrow’s panel session on SME financing. But in summary, in the UK we have pioneered a model of open banking, using APIs that allow consumers to have better control over their banking data. If we can build the architecture and legal and technical safeguards, users can have sight of, and control permissions for, every use of their data. This approach has the potential to resolve many of the network effects in the data economy, making finance more competitive and more open.

At the Bank of England, we are exploring the possibility of applying this approach to help small businesses harness the power of their data, drawing on some positive aspects of China’s experience with real-time data. We are championing the concept of a virtual credit file, which would aggregate user data from a range of public and private sources, allowing SMEs to share information easily and securely with potential creditors. This has the potential to yield enormous benefits for households and small private enterprises – opening up access to more diverse and competitive financing options, providing greater choice, better-targeted products and keener pricing. It has the potential to integrate the diverse set of potential lenders in the UK, both existing and new through an interoperable, user-permissioned system.

Such an approach could significantly reduce the UK’s funding gap for SMEs – estimated to be up to £22bn, or 1% of GDP – with significant benefits to employment and productivity given SMEs’ key role in driving these. We believe improving our credit provision infrastructure in this way can improve credit allocation and support firms to get the credit they need to grow, primarily by reducing information asymmetry between the creditor and the lender. Typically in the UK, it is only an SME’s bank that has ready access to the data needed to price a loan. This makes it difficult for firms to shop around and get the best rate.

Our approach prioritises using technology to more accurately and competitively identify creditworthy borrowers, as a means to increasing aggregate credit flowing to SMEs.

Open to changing the way we work

My third theme is the importance of the Bank of England being open to changing the way we work. Of course, it is not just the private sector who should be embracing change. We, as central banks, need to reflect on our own way of working. In particular, if we are going to regulate the digital economy effectively we will need to equip ourselves with appropriate digital tools.

Central Banks ingest and analyse huge volumes of data in the course of our regulatory activity. This is necessary for our surveillance, but comes at a cost to the firms we regulate. The bill for regulatory reporting in the UK is estimated at between £2bn and £4.5bn a year. We want to leverage modern technology so that the way we collect and analyse data becomes cheaper, faster, and more effective. This would provide a foundation that is both more resilient and has lower barriers to entry; helping private sector innovation to flourish.

To achieve these goals, we are reviewing our data strategy to ensure we embrace new technology. We have already started work to deploy proof of concepts to see what potential benefits AI/ML could have for identifying regulatory issues. We are also looking to make our regulatory rulebook machine-readable, providing a platform on which firms can develop innovative methods to ensure their compliance.

This principle of openness does not just apply to operational matters. We also need to reflect on the appropriateness of our rules and regulations for the digital economy. For example, traditionally only large banks could be a participant in the UK’s High Value Payments System. We reviewed this rule given changes in the digital economy and the maturity of non-bank payment providers – we now have five such non-banks who have direct access to settlement accounts at the Bank of England. These changes increase competition but have been determined with a strong focus on appropriate safeguards. Similarly, next year, we are holding a consultation on widening access to our balance sheet, to gather evidence on whether this could further support competition and stability in the UK financial sector.

I have spoken about how fintech offers possibilities for more openness, and more integrated markets at a national level. We are seeing the benefits of being open to new ideas, open to new entrants and open to developing our own capabilities at the Bank of England. These developments hold the promise of integrating new firms and new consumers, such as the SMEs we believe could benefit from greater and safer access to finance.

International

However, I want to turn now to an area where in my view we have seen less cause for optimism. At the international level, we have not yet seen the same benefits of growing openness and markets that are more integrated. In her incoming speech, IMF Managing Director Georgieva pointed out that fissures were emerging across the international economic and financial system, including in financial technology.

Take payments – the last decade has seen a transformation in the global payments landscape, with users now finding it easier to pay for goods than ever before. However, the underlying technology varies dramatically by region. Today we use contactless cards in the UK, mobile money in Africa, e-money in China and UPI in India. These differences mean we will have to work harder to find solutions to the system of cross-border payments as our systems are not naturally interoperable.

What can we, as policy makers and private sector participants, do to ease this trend? To conclude let me suggest two priorities.

The first priority is simple – talk to and learn from each other, as we are doing here today. At the Bank of England, we place a very strong emphasis on learning from best practice around the world. Given the transformative outcomes in the Chinese economy and fintech sector, for example the rapid growth of digital payments, we know there is a lot we can learn.

It is for this reason that the Bank of England is engaging in dialogue on these topics through a programme led by our Centre for Central Banking Studies, supported by the UK government. The wider UK government is also engaging with China on fintech issues through the UK Government’s Prosperity Fund.

The second priority is to leverage existing forums to promote global co-operation and co-ordination on technology issues. Regulators across the globe are not always going to agree on what technologies they want to use and how they fit into regulatory frameworks. However, global financial institutions for policy coordination such as the FSB, BIS and IMF provide important forums in which we can highlight concerns and work to find agreement where it exists. At the Bank of England we want to work with our partners to ensure we harness the benefits of technology in a way that maintains financial stability. And we want to work with our international partners to ensure fintech is supported by international cooperation, rather than creating new dislocation.

We believe these goals are achievable and that if met, they herald the promise of a better finance for the people we serve, both in the UK and in China and globally.

 

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Source: Bank Of England

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+10 years of experience in analyzing and covering the currencies markets with vast experience in fundamental, political and technical analysis, educational content, and copywriting. Contact: mia.turner@fintechzoom.com

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