Bank of England Starts Hub to Monitor Fintech Alongside Hammond
- BOE will be open-minded on fintech’s benefits, Ramsden says
- Will work with Treasury taskforce also unveiled Thursday
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Developments in fintech could boost the U.K.’s sluggish productivity growth and the Bank of England has started a unit to monitor its developments, Deputy Governor Dave Ramsden said Thursday.
“We have set up a new Fintech Hub that will sit at the heart of the bank, to consider both how the bank understands and how it applies fintech, relevant to its mission,” Ramsden said. “Given the size of the financial sector in the U.K., I can see fintech driving competition and a pick-up in productivity in the medium term.”