The Chancellor’s Taskforce, announced last week at the UK’s Fintech Week conference, will “engage widely with stakeholders on the benefits, risks and practicalities” of allowing consumers and businesses to open an account with the Bank of England.
It is easy to see why, in the context of the UK, such a law may be needed. Of the more than 460,000 Suspicious Activity Reports sent by UK banks to the UK Financial Intelligence Unit in recent years for suspicious transactions, the government’s Law Commission concluded that many were of “low-quality” and that many banks had a poor understanding of their reporting obligations, reporting less to assist the authorities than to avoid a law suit.
One common thing we hear from our clients is that opening a business account with traditional banks in Hong Kong is overwhelming. Which is indeed the case. Opening a business account in Hong Kong requires time, and possibly money without any guarantee that the bank account will be opened in the end. The two most cited struggles are administrative requirements and physical visits. whereas at Statrys we make corporate customers’ life easier by simplifying the process - with only 10 minutes of time required - and being 100% online, so if you have access to the internet, you have access to Statrys.
FinTech Scotland represents over 100 companies, the vast majority of which have been trading for less than five years. Twenty were started in just the past year, with many continuing to expand despite the disruption of the pandemic. The cluster has also received high levels of public funding, including a £22.5m investment by the UK Global Open Finance Centre for Excellence in July, and support from the Scottish Investment Bank.
People usually think of green-washing as managers themselves wanting to present a product as “green” when it’s not, but regulation can also play a role if it’s too broad in its reach. So the proper labelling of investment products is important.
Mobey Forum is a place where banks can come together in a commercially neutral environment to exchange experiences and learnings and identify best practices. It’s a forum where banks can discuss what has worked and what hasn’t with peers from other non-competing banks. We provide the platform for those types of discussions in our Member Meetings and in our Expert Groups – both of which always take place under Chatham House Rules to increase the level of trust and enable openness and frank discussions of the real issues.
Women not only stand to benefit from further investment in fintech in South East Asia. Growth in developing economies is bringing millions of new consumers to the financial markets. They will all want ways to handle their money transparently and cost-effectively.
As women take up higher positions in finance and regulation – Marianne Lake and Jennifer Piepszak at JPMorgan, Kate Bessant at Bank of America, Kamala Harris and Elizabeth Warren in policy – it’s not like Fraser is completely alone either.
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