The Chancellor of the Exchequer, Philip Hammond, is currently at the IMF Annual Meeting taking place in Bali. While at the meeting, the Chancellor is polishing the UK chops when it comes to innovations in Fintech.
According to a note from HM Treasury, Hammond will position Britain as the “natural global home” of new and innovative financial services after Brexit.
The UK has always been one of the top Fintech hubs in the world. The title was achieved by a combination of policymakers matching actions with words and a risk taking, entrepreneurial population.
As part of the UK’s theme for the IMF gathering, the Chancellor is promoting all things Fintech and Britain’s “world-leading expertise and influence in finance to shape global views towards new financial technology.”
The Chancellor expects the UK to “lead global efforts to design a regulatory approach to crypto-assets and distributed ledger technology (IE blockchain). Currently, there is a “crypto task-force” working in the UK that expects to publish a report on the UK’s approach to digital assets before the end of the year.
The Chancellor stated:
“International cooperation has made our financial system safer, simpler and fairer since 2008. At home, our banking reforms have protected people and given them more confidence that their money is safe. The UK’s world-leading expertise means that we are in a unique position to shape the future approach to emerging technology like blockchain so that they benefit businesses, people and the economy. This week I’ll be making sure British interests are represented at the very top of international finance.”
While attending the IMF, the Chancellor will hold talks with other Finance Ministers including US Secretary to the Treasury, Steve Mnuchin. He will also hold talks with Japanese Finance Minister, Tarō Asō, and the Governor of the People’s Bank of China, Yi Gang.