Bank of England preps UK fintech for next decade
The Bank of England (BoE) is getting ready for the power of fintech, an ageing population and big data sets over the next decade.
In its “Vision 2030: the future of finance”, the bank is exploring what the financial system of tomorrow might look like, and what it means for its priorities now and in the future.
The tomorrow people have arrived
BoE states: “The bank recognises that a new economy, a new world and new demographics demand a new financial system … The new finance will develop for the new economy, not in isolation from it.”
Mark Carney, the bank’s governor, has appointed Huw van Steenis as a senior advisor to lead the project. Van Steenis has worked at Morgan Stanley and Schroders.
The bank’s research will cover a range of issues, including the implications of an ageing population and suitable financial options; the emergence of big data sets and the sharing economy.
In addition, it will examine the integration of emerging markets into the global financial system; and new fintech.
Over the course of this year, it will explore these and other themes in roundtables, workshops and forums with businesses and consumer advocates from around the UK.
These events will bring together banks, insurers, technology firms, exchanges, financial market infrastructure firms, businesses and consumer groups to talk about problems, trends and potential solutions.
BoE aims to complete the project “around the turn of the year”.
