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Tougher fintech rules not need, says Bank of England

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.

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