Payments Association Readies for New Government, Asks for Incoming Chancellor to Support Fintech

As polls close and everyone expects a landslide win for Labour, the Payments Association in the UK has invited the next Chancellor of the Exchequer to “show leadership” and support the payments sector and Open Banking ambitions.

The Payments Association has drafted a letter outlining the group’s priorities and the need to “take advantage of the country’s extensive payments capabilities.”

The Association points to the thousands of jobs the Open Banking sector has created adding that the payments industry has been “without a Government-supported vision for some years.”

Some of the goals of the Association include advancing the use of stablecoins, CBDCs [central bank digital currency], DeFi, Web3, and other digital asset services.

The association recommends the publication of an ambitious, whole-ecosystem National Payments Vision and Strategy as envisioned by our industry to make the UK’s payments infrastructure competitive and enable growth.

The Association suggests creating a “UK crypto hub” and learning from the European Union’s MiCA legislation, which aims to boost digital asset innovation.

Overall, the group believes the government must work in tandem with the Fintech sector to empower the new technologies that will support the future of finance and a globally competitive ecosystem in the UK.

More specifically, the Association addresses a policy request that will adjust the threshold for mandatory reimbursement of an APP fraud claim.

The Association has also called for the creation of an Anti-Fraud Minister to tackle the risk of digital scams.

Tony Craddock, Director General of The Payments Association, described the change in government as an opportunity to maximise the payments sector’s potential.

“It is essential that the new government and the payments industry work collaboratively to protect the UK’s global leadership position. A clear vision and strategy from the new Government will generate significant investment and promote the UK’s position as the global payments leader solidified and see sustained growth in every UK region.”

The entire letter is expected to be delivered following the election and will be published at a later date.

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