In a recent speech on the future of money Bank of England Governor Mark Carney said a ban on crypto would stifle the useful innovation with blockchain; Mr Carney tells the FT about payment systems needing to change, “These must now evolve to meet the demands of fully reliable, real-time, distributed transactions.”; he also talked about the community driven approach to the tech and the many use cases for it that increases efficiency and transparency around systems that are in need of an upgrade. Source.
While regulators in the U.S. and around the world had mainly negative things to say about Facebook’s new Libra digital...
The Bank of England kept its central bank borrowing rate at 0.25% and decided to continue with its $86 billion asset purchase program; while no changes were made to monetary policy, the BOE changed its guidance; with an increased focus on inflation in the region, the BOE said it would be prepared to raise rates in order to keep inflation at its 2% target rate. Source
On Wednesday, the governor of the Bank of England, Mark Carney, said that fintech could signal an end to the traditional bank model; this could also increase herding risks, adding "As those risks emerge, authorities can be expected to pursue a more intense focus on the regulatory perimeter, more dynamic settings of prudential requirements, a broader commitment to resolution regimes, and a more disciplined management of operational and cyber risks."; Mark Carney is also chairman of the Financial Stability Board which will report to the G20 in July on risks and rewards in fintech. Source
For the first time the Bank of England intends to offer tech companies the chance to have accounts at the...
While publishing the results of the latest stress tests on the UK’s biggest banks the Bank of England warned that fintechs could take significant market share; the Bank of England identified three main areas of concern for banks: competition from fintechs, cost reduction while delivering services and low interest rates; these key areas could hurt profitability at banks in the coming years and app based disrupters could be the beneficiaries. Source.
Bank of England’s head of fintech Varun Paul is moving to Fireblocks, the highest-valued digital asset infrastructure provider in the world.
The BoE proposes involving the use of retail banks and private payment providers as the "interface" for the digital pound.
The Bank of Lithuania invites payment market participants and technology companies to participate in an experiment and together develop a payment solution that enables instant settlements in digital euro at points of sale.
Bankable, the global architect of Banking as a Service solutions, Younited, a French #Next40 company and leading European fintech and LiftForward, the leading Buy Now Pay Later (BNPL) subscription platform, hereby announce their partnership to create an innovative split payments solution in Italy.