In a speech delivered at Mansion House on 21 June 2018, Mark
Carney, the Governor of the Bank of England (BofE), made the case
for a
modernised financial services sector, which would be
underpinned by a thriving FinTech sector, especially in the area of
payments.
The remarks reinforce the BofE's
plan for FinTech in central banking, which started last year
when it partnered with a range of firms to look into the
functionality the BofE would need to offer to support the sector.
The result came when the BofE
announced that a new generation of non-bank payment service
providers would be eligible to apply for a settlement account under
its real-time gross settlement system (RTGS). Those proposed
changes were also focused on widening access to UK payment systems,
supporting financial stability through greater diversity and
risk-reduction technologies, and creating a more level playing
field for non-banks wishing to compete with banks.
