Osborne pushes London’s fintech credentials
The UK’s Chancellor of the Exchequer, George Osborne, has vowed to help make London the world’s fintech capital, promising to oversee a regulatory environment that encourages innovation in areas such as mobile payments and bitcoin.
Speaking at a Bank of England Open Forum event, the chancellor revealed that he has been speaking to Tim Cook this week about Apple Pay. “I was thinking how extraordinary it was that you had a finance minister and the head of a tech company talking about the future of banking,” Osborne is quoted by Bloomberg as saying.
Not for the first time, Osborne expressed his desire to make the UK the centre of fintech, adding “we will go out of our way to make that happen”. To help with this, the government is teaming up with professional services firm EY on a benchmark that will compare London with its rivals in fintech innovation.
Osborne is also promising an innovation-friendly approach to the regulation of new technologies such as cryptocurrencies, which the chancellor said had been “once dismissed” but “may now well play a big part in our financial future”.