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Written question asked by Anne Main (Conservative) on Thursday, 25 July 2019, in the House of Commons. It was due for an answer on Tuesday, 3 September 2019. It was answered by John Glen (Conservative) on Thursday, 5 September 2019 on behalf of the Treasury.

Financial Services: Technology

Question

To ask the Chancellor of the Exchequer, what steps his Department is taking to increase the level of support it provides to the FinTech sector in the UK.

Answer

The UK has been independently ranked as the best place in the world to start and grow a Fintech firm, and the government is committed to maintaining the UK’s leading edge in the sector. That is why the government has delivered against all of the commitments made in the Fintech Sector Strategy, which was launched last year.

The government announced at Mansion House 2019 that HM Treasury would launch a review into the payments landscape, which looks to ensure that regulation and infrastructure is able to keep pace with new payments models. The government also announced that it would explore building on the success of Open Banking by developing an agenda for ‘Open Finance’, looking at ways to safely and securely share data across a wider range of financial services products. This will further revolutionise the sector and increase the ability of Fintech firms to compete with traditional financial services firms.

Secondary information

Type
Written question
Reference
282253
Session
2017-19
Transferred
Yes
Subjects
Financial services Technology
Link
View this Written question on www.parliament.uk