Sir Dave Ramsden is the Deputy Governor for Markets and Banking at Bank of England. In a recent speech at HMT’s International Fintech Conference held in London on 22 March 2018 he focused on the evolution of the UK’s financial services sector and London’s role as a global financial centre and in particular on the technological infrastructure to support fintech, where both private and public sectors have a role to play.
1. The “Uber” moment banks have to face.
“Access to payments and infrastructure has changed for consumers as 36 new banks entered the market over the past 4 years. Finance has yet to face its “Uber” moment.”
2. An open minded approach.
“To react appropriately to an evolving financial sector, the Bank of England needs to make sure it is open minded to the opportunities and potential for change that fintech offers.”
3. Crypto-assets may have limited utility.
“They are too volatile to be a store of value, and with high transaction costs and slow settlement times, they are an inefficient medium of exchange.”
4. A new Fintech Hub to engage with startups.
“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. The Hub will be a central point of contact for the fintech sector to engage with the Bank, and will play an active role in the new HMT/FCA/Bank taskforce. And it will engage with you to understand and apply these developments to support the next wave of innovation in finance, and ensure that the UK has the right infrastructure to support that into the future.”
5. Investing in fintech to stay ahead of the pack, globally.
“Investment in the UK’s financial technology is going to be an important factor in sustaining the UK’s global position.”
Find out more here.