Fintechs impatient as British banks seek extra time to open up

Financial technology firms were supposed to start breaking into mainstream banking this month when new rules forced Britain’s nine big banks to loosen their grip on the industry.

But many fintech companies are still waiting with frustration on the sidelines after the banks delayed making the changes.

The impact of the rules, which require the banks to open up their data so other companies can target their customers with tailored products and deals, was always expected to be gradual.

But six of the nine banks have asked Britain’s regulator for an extension to the January 13 deadline for putting in place the ‘open banking’ regulation, which overlaps with a new European Union directive known as PSD2.

A number of Britain’s most well-known fintech firms have had to put their own plans on hold or decided to put off making them altogether.

Read more here.

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