Britain could become a potential hub for Fintech

October 18, 2018

Brexit has a lot of politicians and high authority individuals scrambling for ideas. A lot of them have started to seize opportunities with international partners about certain topics, given the fact that the UK will stop being under EU regulations and jurisdiction. One of these high authority individuals is Philip Hammond, who you may know as the Chancellor of the Exchequer. Hammond has talked about his plans on making the UK the hub for any potential fintech industry. In his words, it is essential that Britain remains as the key player in financial affairs around the globe, and for this, they will require an updated approach to innovations in the financial services market.

What the Chancellor announced

The statement was made at the IMF Annual Meeting in Bali, where the main reason for the gathering was exactly financial technology. Hammond emphasized his optimism about the whole ordeal of fintech and promised to be the gateway between the innovations in technology and Britain. he mentioned how important it was for the country to feature such services that will save customers money and refresh the market.

One of the key components of Britain’s interest in the new fintech industry is obviously cryptocurrencies. After Brexit, the UK will have full control over the regulations that they will impose on the asset. The taxation of cryptocurrencies for a country that houses the biggest brokers in the world would be a godsend. Hammond actually hopes to attain more ease for the UK with accessing crypto assets and distributed ledger technology. He emphasizes that safety and reliability with the financial market will only benefit the customer and make their experience in trading a lot easier.

What does the future hold?

One of the key takeaways from his speech is the fact that the UK is planning to release its official statement about the whole ordeal of crypto assets. According to him the UK will make a definitive announcement within the current year and put an end to all the skepticism. According to their approach, it may beef up or deflate the market as a whole.

The Chancellor will meet with the financial high authority of one of the most important players in the financial world of today. he will hold meetings with the US Secretary of the Treasury to discuss all of the Joint Comprehensive Plan of Action details regarding the fintech inclusion in the two country’s economies. He will also conduct walks with the Governor of the People’s Bank of China and hopefully acquire any future deals with the country regarding fintech.