Bank of England say they will “give fintech space to grow”

The Chief Cashier of the Bank of England (BoE) Victoria Cleland has said publicly that the central bank will not stifle financial technology innovation as the central bank attempts to keep up with new developments in the field.

According to Cleland, the BoE will customize its new upcoming regulations in order to “give fintech space to grow” and that understanding technological innovation was a priority at the bank.

Most of the recent news surrounding fintech has been focused on digital currencies, like bitcoin, and a high security online ledger called blockchain, which can automate transactions and could be hugely beneficial in the financial industry in the future. The BoE has been looking at benefits, and also the risks of using such systems.

The comments from the senior BoE employee are seen by many observers as an attempted reassurance to fintech firms that their businesses are safe in London, which has been a hub of the industry.

“After the Brexit, policymakers are doing all they can to pander to certain industries they feel are important, and fintech is definitely one of those” said Michael Lane, Global Co-Head of the Investment Management Division at Shizuoka Capital Wealth Management in an email to clients.

“Companies have been worried…

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Shizuoka Capital Wealth Management

Shizuoka Capital Wealth Management was founded in 2006 with Headquarters in Tokyo Japan. Privately owned by senior management previously with Shizuoka Bank. The company is engaged in discretionary and advisory wealth management services such as the buying and selling of corporate debt, handling mergers and acquisitions, private equity and fixed income. As of 2015 the company assets were in the region of $6bn.