Seventy leading technology firms sign Open Letter urging for more substantial reform to FinTech regulations in a bid to protect the future of the industry and consumers.
The letter has been signed by the CEOs of more than 70 of the country’s most forward-thinking FinTech firms, including Gemini, OpenPay and Monzo – alongside Recordsure, and forms the latest part of the ongoing Kalifa Review initiative led by FinTech non-profit body, Innovate Finance.
The message, which urges policymakers to ‘seize on the opportunities afforded to us from leaving the EU’, endorses reforming existing regulations following suggestions made in the Kalifa Review in February 2021.
Entitled ‘Kalifa Review One Year On: Strong Progress, Opportunity for More’, it also sheds light on the encouraging advancements that have been made since its launch last year. These include the Bank of England’s newly unveiled plans for a Central Digital Currency, overhauls to the UK’s listings regime and Chancellor Sunak’s extension of R&D tax credits to data and cloud computing.
Nonetheless, the letter posits the view – echoed by its many prominent backers – that much work is still to be done to reform standards and boost innovation.
The ever-growing importance of technology reflects how businesses and investors alike have undergone a shift in priorities since the beginning of the decade. The pandemic increased the adoption of digital finance and placed a renewed focus on the critical role that technology and innovation must play to make financial services work for all.
The Open Letter secures the front page of City A.M. which reflects the support of the financial services industry for the FinTech leaders’ calls for overhaul of regulations to build a world-leading environment for the sector.
Janine Hirt, Chief Executive of Innovate Finance, recognised the progress made, along with the significant potential and opportunity for the FinTech sector.