Philip Hammond, the UK's economic minister, wants the UK to be one of the Fintech global centers of companies after leaving the European Union.
Philip-Hammond
Creating startups every thirty minutes is the objective of the British economy minister, Philip Hammond. The explanation was given at the Fintech International Conference in London, England.
The English Government will have a group of experts in cryptocurrencies, so that small technology companies can adapt more quickly. These include representatives of the Bank of England, the Ministry of Economy and the Financial Conduct Authority.
For a number of years Fintech companies, which offer financial services with a strong technological component, have become one of the main engines of growth in London, currently employing 60,000 people.
Philip Hammond has the support of several bankers in the country. "Banks need to change and are changing," he said.
Horta-Osorio (Portuguese banker), who is also an advisor to Lloyds Bank and HSBC, said Open Banking regulation would be "one of the great revolutions in banking history" and will "stimulate competition and bring more technology to the market".
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