Chancellor to announce new UK government fintech strategy

Chancellor Philip Hammond is expected this week to unveil two large scale projects to boost Britain’s fintech sector, with blockchain technology and international cooperation high on the agenda.

Hammond will launch a new fintech strategy at an international conference on Thursday.

The strategy includes plans for a new taskforce made up by the Treasury, Bank of England and regulator Financial Conduct Authority to examine the risks of cryptocurrencies and blockchain technology.

He will also announce a “fintech bridge” with Australia, which will create tighter bonds between each country’s governments, regulators and industries to make it easier to trade in both markets.

Hammond’s planned strategy will also create a “fintech delivery panel” to focus on creating new industry standards to make it easier for companies to partner with banks.

Furthermore, three “fintech regional envoys” will be created to try and encourage the UK’s regional banks and building societies to take up more fintech.

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