Bank of England Governor Mark Carney said on Wednesday the financial technology sector did not need the same level of regulation as banks, in the latest sign of Britain seeking to cement its position as a global fintech hub after Brexit.
The fast-emerging fintech sector is shaking up financial services and forcing banks to make their operations leaner and cheaper, and to offer more innovative and user-friendly products so as not to fall behind.
Fintech already employs more than 60,000 people in Britain, providing services like contactless payments, banking apps and online crowd funding, a sector worth nearly 7 billion pounds.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Getting Money Wise. The information provided on Getting Money Wise is intended for informational purposes only. Getting Money Wise is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.