Tagged: bank of england

Banking, Fintech Report Highlights UK’s Fast-Growing Financial Tech Space, while Challenges Include Centralized Cloud Providers

Payments specialist Banking Circle notes in a recent update on the payments, banking and Fintech space that there have been record-level investments in the UK’s vibrant Fintech sector, with $5.7 billion of VC invested across 317 deals so far in 2021. Banking Circle‘s CIO, Michel… Read More

Real Estate: UK Housing Prices Up 10.9% YoY in May 2021, the Largest Increase Since Aug 2014, New Report Reveals

The team at UK-based Blend Network, a peer-to-peer lending platform, notes that recent market developments in the United Kingdom have seen investors preparing for expected growth and may also want to watch out for inflation. As mentioned by Blend Network, headlines and concerns regarding inflation… Read More

RTGS: While CBDC May Emerge, Payment Infrastructure Improvements Near

Victoria Cleland, Executive Director for Banking, Payments and Innovation at the Bank of England, addressed the Real Time Gross Settlement (RTGS) system and the Bank’s vision for the future of payments. Noting that a Central Bank Digital Currency (CBDC) may emerge at some point in… Read More

Digital Pound: Bank of England Updates on CBDC Progress

In a speech delivered at the Future of Fintech Conference, Tom Mutton – Director responsible for Central Bank Digital Currency at the Bank of England, provided an update on the progress of central bank-issued digital currency. According to Mutton, CBDCs are viewed by the bank… Read More

UK Fintech Modulr Explains how they Helped Direct Lender Moneyboat Enhance its Operations

UK-based Fintech firm Modulr notes that direct lender Moneyboat had been quite frustrated by the limitations of the existing banking system. That’s why Moneyboat decided to leverage certain infrastructural Fintech payments solutions to provide faster onboarding, automated, real-time loan disbursements and “a superior customer experience,… Read More

Bank of England to Regulate Stablecoins, Mulling Plans to Launch CBDC

The Bank of England (BoE) has long indicated it is interested in new forms of digital currencies such as Stablecoins and central bank digital currencies. In the past, the Bank has wondered about the impact to monetary policy and possible risk regarding the issuance of… Read More

Bank of England Deputy Governor: The state will need to issue public digital money that can meet the needs of modern day life

In a recent speech delivered by the Deputy Governor, Financial Stability, of the Bank of England, Sir Jon Cunliffe, the public official appeared to commit to the UK creating a central bank digital currency (CBDC). The Bank of England, like many other central banks, is… Read More

Major UK Retailers and Business Organizations Commit to Cash-Friendly Pledge from Which?

Thousands of UK supermarkets and other retail outlets have reportedly committed to a “cash-friendly” pledge from Which?, an expert testing, reviewing, and advice service. According to the terms of the pledge, retailers are guaranteeing that they will keep taking physical currency notes and coins as… Read More

Bank of England and HM Treasury Announce the Creation of Taskforce to Explore a Central Bank Digital Currency

The Bank of England and HM Treasury have jointly announced the creation of a task force to explore a central bank digital currency or CBDC. The CBDC will be a digital currency issued by the Bank of England for use by consumers as well as… Read More

UK Banks Say they Need to be “Liberated” to Invest in IT to Defend Against Fintech Challengers, Big Tech, US Banks

The Bank of England (BoE) is getting ready for its first major break from European Union regulations with a new proposal that might make bank capital rules a lot more strict in the UK (when compared to other jurisdictions). The European Banking Authority had noted… Read More

Central Bank Officials are Not Confident in Bitcoin or Other Digital Currencies’ Ability to Serve as Legitimate Financial Instruments

Existing virtual currencies are unlikely to last, according to Bank of England governor Andrew Bailey. Decentralized cryptocurrencies like Bitcoin (BTC) or Bitcoin Cash (BCH) don’t have the appropriate structure to work as a viable long-term payments method, according to Bank of England (BoE) governor Andrew… Read More

Open Banking Services being Used by Over 2.5 Million UK Consumers and Businesses to Complete Payments: Report

Banking Circle, a financial infrastructure developer, notes that only a month into the new year, and partnerships are already beginning to emerge as “a strong theme underpinning the future of the industry.” Banking Circle also confirmed that they’ve teamed up with global provider of local… Read More

Bank of England Payments Policy Team Head Cordelia Kafetz to Join UK’s Digital Bank Starling as Head of Financial Risk

Cordelia Kafetz, who was responsible for helping to launch Bank of England’s (BoE) Fintech hub in 2018 and has also served in key roles as part of the Payments Policy Team, has reportedly decided to join UK’s digital bank Starling. Starling Bank has confirmed that… Read More

Fintech Mergers and Acquisitions May Increase in the UK following COVID, Linklaters Exec Predicts

The United Kingdom has maintained its status as a major global Fintech hub. But will the country be able to capture a significant share of the world’s financial technology business after Brexit and can it retain its dominant status despite the challenges created by the… Read More

Will Low Interest Rates Push Consumers to Change Savings Providers?

The Bank of England’s Monetary Policy Committee has voted unanimously to maintain the Bank Rate at 0.1% following a meeting yesterday. As the economy continues to be challenged by the COVID-19 health crisis, the MPC also decided to continue its quantitative easing plan. For savers,… Read More

Bank of England Speech Notes that Cross Border – Faster Payments May Include DLT

A speech delivered today by Victoria Cleland, Executive Director, Banking, Payments, and Innovation at the Bank of England, tackled the topic of faster payments and cross-border transfers. Cleland highlighted the three-stage process to advance cross border payments being pursued at the international level and then… Read More

Bank of England Governor Andrew Bailey Says Bitcoin Falls Short in Payments but Stablecoins May be Useful

Andrew Bailey, the Governor of the Bank of England, spoke at the Brookings Institue in the US this week and he tackled a hot topic: cryptocurrencies. More specifically, Bailey spoke about the efficacy, or lack of, when using certain digital assets in payment transactions. Bailey… Read More

The Bank of England will Work with Accenture on Real Time Gross Settlement Service

The Bank of England has announced that Accenture has been appointed as the “Technology Delivery Partner for the Real Time Gross Settlement (RTGS) service Renewal Programme.” RTGS is where financial institutions hold their sterling bank accounts. The Bank of England will work with Accenture to… Read More

Cross-Border Payments and Market Infrastructure Report from BIS Says Current Challenges with International Money Transfers will be Addressed at G20

The emergence of new Fintech industry participants such as the Facebook-led Libra project have made it clear that the existing, global cross-border payments system can be improved. A Bank for International Settlements (BIS) committee report on Payments and Market Infrastructure (CPMI) has noted that countries… Read More

CBDCs: New Report Confirms Most Reserve Banks Don’t Want to Use an Actual Blockchain to Issue Digital Currencies

Reserve banks in 46 countries are currently exploring or considering developing a central bank digital currency (CBDC) by using a permissioned (or private) distributed ledger technology (DLT)-based platform. This, according to a recently published survey from UK-based journal Central Banking. The publication is reportedly supported… Read More

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