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‘Robo-Regulation’ Set to Accelerate Financial Digitisation PDF Print E-mail
Thursday, 05 April 2018
News that a new Government-led cryptoassets task force is being developed to develop ‘robo-regulation’ that will make it faster and easier for fintech firms to follow complex regulations is a welcome move that could accelerate change right across the financial services sector, according to Allen Jones, MD at financial technology experts Copernicus who notes;  

Digitisation and regulation have helped to create a level of change in what remains a largely traditional market, but the emergence of this new task force will I believe help create a new momentum for both new and traditional businesses.”

The Cryptoassets Task Force recently announced by Chancellor of the Exchequer, Philip Hammond will include; HM Treasury, the Bank of England, and the Financial Conduct Authority builds upon the UK’s leading role in developing open banking. It is also a move that signals the government’s goal to ensure the UK remains the powerhouse for financial services globally. This was reinforced by a second announcement by Hammond of a UK-Australia ‘fintech bridge' as part of the government’s first Fintech Sector Strategy.

“As a fintech innovator Copernicus’technologies have been developed to work with regulation in the UK and USA as well as in other countries around the world and it works well. However, moves to enable us to automate regulation within our software to new standards that would accommodate areas such as crypto-currencies is exciting. Moreover, in traditional areas such as asset finance we could support new and established providers quicker and more effectively,” notes Allen.

The Fintech Sector Strategy will include:
Robo-regulation’ pilot schemes to help new fintech firms, and the financial services industry more widely, comply with regulations by building software which would automatically ensure they follow the rules, saving them time and money;
Creating a set of industry standards which will enable fintech firms to more easily partner with existing banks;
Helping small fintech firms to provide complex financial services and thereby grow their businesses and reach new customers. Industry and government will work together to create ‘shared platforms’ which will help remove the barriers that these firms face in setting up new systems.

Allen concludes: “Financial services has battled with what are largely analogue controls in what today is a digital environment. This move is a welcome one to help not just innovators like Copernicus, but the wider financial services community to move with a pace and level of innovation appropriate for today’s global operating environment. We achieve this today, but making it easier is welcome news.”
 

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