FinTech can change the way people do business and exchange money, as Philip Hammond, Chancellor of the Exchequer said in a recent quote. Speaking a
FinTech can change the way people do business and exchange money, as Philip Hammond, Chancellor of the Exchequer said in a recent quote.
Speaking at an inaugural International Fintech Conference in London, he added that FinTech could fundamentally transform the structure of the world economy.
“FinTech will transform the way we live and do business. Whether it is cashless transactions between friends, sending remittances to family in other countries or apps that automatically invest savings at the best rates, FinTech provides consumers with better services, more choice, and lower costs.”, as he commented.
The chancellor reportedly believes that financial technology has the power to expand and transform markets beyond the UK.
“It has the potential to transform financial inclusion across the developing world too with more than a billion people now biometrically enrolled in that country and 220 million new bank accounts opened in the last 18 months alone”, noted he.
According to Hammond, the UK should focus on reaching out to other businesses and countries to ensure a strong fintech sector that continues to grow.
“While we need to continue to attract the brightest and the best from around the world to these shores, we must also do better at nurturing and developing the home-grown talent to drive our economy forward in the future”, he added.
While the UK has been known as a leading hub in the field, it should ensure staying ahead in the post-Brexit period. This, he says, can be achieved through enhancing the UK`s reputation as one of the friendliest places to do business.