Philip Hammond the British Chancellor, is scheduled to launch a fintech strategy this week to support the industry in the United Kingdom.
Hammond is anticipated to announce the plan during an international conference that is scheduled on Thursday. According to The Sunday Times, he will say that the Financial Services Trade and Investment Board has been tasked to choose two areas where the government and the industry could work together in order to improve the involvement of the United Kingdom in the digital economy.
He is also set to lay out a plan to establish closer ties with the government, industries, and regulator of Australia to create a so-called “fintech bridge” with the nation, and to build a new task force that will be led by the Bank of England, the Financial Conduct Authority, and the Treasury to look into the risks that are associated with cryptocurrencies and the probabilities for blockchain technology.
It arrives as the City of London Corporation and Innovate Finance launches a Fintech Strategy Group (FSG) that is tasked to bring together institutional and banking partners, regulators, and industry leaders that have an aim to drive innovation and maintain the dominance of the United Kingdom in the sector.
The said group will be headed by the executive chairman of Cicero Group, Iain Anderson.
Anderson stated: “This new group will look to shape future fintech developments so the sector can continue to grow, while also addressing the vital need for skills and greater social inclusion.”