{"id":46070,"date":"2014-08-06T09:14:00","date_gmt":"2014-08-06T09:14:00","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=458e4d6fe90b2f805242c1f6f95d0722"},"modified":"2014-08-06T09:14:00","modified_gmt":"2014-08-06T09:14:00","slug":"speech-chancellor-on-developing-fintech","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=46070","title":{"rendered":"Speech: Chancellor on developing FinTech"},"content":{"rendered":"
\n

It is fantastic to be here today as you launch \u2018Innovate Finance\u2019.<\/p>\n

Fantastic to be here at Level 39 \u2013 the largest Financial Technology Accelerator in Europe <\/p>\n

I am here today because the technologies that you are developing have a huge economic potential for our country, and for the world. <\/p>\n

Just as the introduction of paper money hundreds of years ago revolutionised commerce.<\/p>\n

So the technologies being developed today will revolutionise the way we bank, the way we invest, the way companies raise money.
\nIt will lead to new products, new services, new lenders. <\/p>\n

And the exciting thing about combining new technology and a free market is that no one in this room \u2013 certainly not me \u2013 can predict exactly how these new forms of banking will develop. <\/p>\n

What we can do and I can do, is create the best environment in which this financial innovation can flourish. <\/p>\n

I\u2019m here today because I want the UK the lead the world in developing Fin Tech. <\/p>\n

That\u2019s my ambition \u2013 short and sweet. <\/p>\n

We have all the ingredients we need:<\/p>\n

We are the world\u2019s leading financial capital.<\/p>\n

We have among the best scientific research; one of the greatest tech hubs in the world, near here in Tech City; and the highest density of start-ups in the world. <\/p>\n

We have a long history of leading the way in financial innovation \u2013 from the first insurance market and the invention of joint stock companies centuries ago, to our rapid emergence now as the Western centre for new global currencies like RMB. <\/p>\n

And with the right backing from government, I believe we can make London the Fin Tech capital of the world.
\nFor me this is not an add-on to what the City already does. <\/p>\n

It has to be what the City becomes in the future. <\/p>\n

People are using technology in new ways to communicate, to form social groups, to shop \u2013 why not new ways to bank? <\/p>\n

And that means much much more than just viewing your statement online. <\/p>\n

It means being able to bypass traditional banks altogether, and lend money directly \u2013 through peer-to-peer platforms like Funding Circle and Zopa, both represented here today.<\/p>\n

It means being able to wire money around the world without paying high fees \u2013through technologies like Transfer Wise.<\/p>\n

It means being able to analyse how you\u2019re spending your money, being able to transfer it directly to a friend or relative, even managing your kids\u2019 allowance on your phone \u2013 which you can now do with services like Meniga, Pay-M, and Yoyo. <\/p>\n

Of course it\u2019s not just about personal banking.<\/p>\n

Whether it\u2019s making debit payments cheaper for our shops, or using big data to analyse investments in private companies, or opening up new ways to fund new start-ups, or developing the best cyber security technology \u2013 Fin Tech will transform the way we do business, and UK companies are already leading the way. <\/p>\n

But we must not be complacent \u2013 or think that Britain has some innate right to lead the world.<\/p>\n

There is fierce international competition for this growing industry.
\nAnd you need the right support from government to win this global race \u2013 you need the best investment environment, the right tax system, the appropriate regulatory rules, the best infrastructure, and a government that gets out there in the world and sells your products and services. <\/p>\n

And I\u2019m here today to announce new measures to back you in all these areas.<\/p>\n

First, investment and tax. <\/p>\n

We\u2019re introducing the right tax regime for this new industry.<\/p>\n