The Bank of England has recently published a speech that was to be given by the Governor of the Bank of England, Mark Carney, at the Lord Mayor’s Banquet for Bankers and Merchants of the City of London on 16 June 2016.
The speech concerns FinTech. After outlining the potential impact of FinTech on financial and monetary stability, it puts forward a number of initiatives which the Bank of England intends to take in order to improve the role and foster the progress of FinTech. These initiatives include: (i) widening access to central bank money to non-bank PSPs; (ii) partnering with FinTech companies on projects of direct relevance to the Bank of England’s mission; and (iii) calibrating the Bank of England’s regulatory approach to FinTech developments.
According to Mark Carney, these initiatives will enable the transformation of FinTech, potentially leading to a restoration, a reformation, or a revolution for finance.