Bank of England governor Mark Carney has said that institutions will be integral to the success of FinTech.
In Brief:
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He said that central banks will not be at the “cutting edge” when it comes to innovation.
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This is because finance is so highly regulated, so as Carney states, “there are lots of ways it can go wrong”.
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Carney spoke at an IMF panel in Washington on Wednesday.
What does this mean?
Banks have moved over the past couple of years from seeing FinTech as a threat to acknowledging it’s vital to collaborate. The next step is working with disruptors in a safe and secure way, alongside government and regulators.
