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Bank of England plans to strengthen controls on fintech companies

Friday, 04 23 2021, Category: Technology, Country: United Kingdom
The adoption of financial companies, especially emerging financial technology, is a source of concern for the Bank of England, which announced that it may strengthen the controls that govern the work of cloud data providers and other technology companies to face potential risks to the stability of the financial system, according to CNBC.

Bank of England Deputy Governor Dave Ramsden said the bank plans to conduct further analysis on the need for stronger risk management tools for cloud service providers, especially those who act as third parties in service providers.

The British government is keen to promote fintech as an area of growth and hopes that looser regulation will enable it to access European markets after many companies faltered in accessing those markets after Brexit.

The Bank of England insists it will not relax regulatory standards, but it sees room for more simplified regulation for smaller banks and some insurance companies.

According to Ramsden, the Bank of England has taken a step to facilitate the work of small financial companies by giving them more space to access the payments system dominated by major banks.

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