Bryan Zhang, the co-founder and Executive Director of the Cambridge Centre for Alternative Finance (CCAF), has been appointed to the Board of the UK Financial Conduct Authority (FCA). Zhang commenced his initial three-year term as a non-executive Director today (February 19, 2024). The FCA is the top financial regulator in the UK overseeing around 45,000 financial services firms as well as the financial markets.
The FCA Board sets the strategic direction and strives to ensure the long-term success of the agency. Beyond the Executive Committee, the Board includes seven other Committees to which it delegates some responsibilities.
Currently, Zhang is also a member of the Bank of England and HM Treasury’s CBDC [central bank digital currency] Engagement Forum, IMF’s FAS Advisory Group, OECD’s Steering Group on SME & Entrepreneurship Finance, and the Bretton Woods Committee.
He also co-chairs the Future of Global Fintech Initiative, a collaboration between CCAF and the World Economic Forum.
CCAF is part of the University of Cambridge Judge Business School. Zhang co-founded the Centre in 2015, along with current CCAF Director Robert Wardrop, as it became clear that Fintech, including online capital formation, blockchain, and more, was becoming a driving force in the transformation of financial services as the analog past moved into the digital future.
CCAF is the top Fintech research organization in the world, providing evidence-based research on financial services that is widely referenced by global policymakers. Data and insights derived from the CCAF’s research are utilized to drive financial services policy that impacts the entire world.
Recognized as a leading authority on alternative finance, Zhang shared in a blog post that he looks forward to the opportunity to contribute and learn as an FCA Board Member. Zhang stated:
“Over the last 12 years, I have been privileged and honoured to work alongside many knowledgeable, kind, and aspirational colleagues, partners, collaborators, mentors, and friends, both at the Cambridge Centre for Alternative Finance, Cambridge Judge Business School, and beyond. They have collectively enabled me to continue learning and growing as the landscape of financial services and regulation evolving rapidly before our eyes. I am extremely grateful for their help and support, and within the confines of a LinkedIn post, I can only mention [a] few of them below but you know who you are.”
Bim Afolami, the UK Economic Secretary to the Treasury, said he was “delighted” with Zhang’s appontment as he will be of significant benefit to the FCA Board.
“Ensuring that regulation keeps pace with technological developments is crucial to supporting innovation and competition in the financial services sector, whilst also ensuring that consumers are appropriately protected, shared Afolami.
The Chair of the FCA Board, Ashley Alder, said that Zhang brings profound experience in regard to innovation in financial services.
“I know he will be an important asset to the board and his expertise will help the FCA keep pace with an ever-evolving landscape.”
Along with ensuring efficient markets, the FCA holds a mission that covers three primary areas of oversight:
- Protect consumers from bad conduct
- Protect the integrity of the UK financial system
- Promote effective competition in the interests of consumers
The last category, addressing competition, is somewhat unique in the financial regulatory world and reflects the importance of the UK as a global financial center and the need to maintain its vaunted status.
Most insiders recognize the UK as the top Fintech hub in the world. This cannot happen without the support and tacit collaboration of policymakers, including regulators. By appointing Zhang, the FCA is reaffirming its commitment to Fintech innovation and being at the forefront of financial innovation in the coming years.