سر از
the UK’s Financial Conduct Authority (FCA) emphasized the need for global
coordination in regulating financial technology in the dynamically changing
world. The FCA’s Chairman, Ashley Alder, said fintech innovation brings both
opportunities and risks that require “smart policy responses” from
regulators around the world.
در سخنرانی خود در
an event hosted by the UK Mission to the European Union, Alder highlighted
fintech as an area where international cooperation can support firms and
consumers while managing novel risks. He noted that fintech companies now rank
among the top banks in major European economies, driving disruption and
innovation across finance.
مطابق
to Alder, regulators have a “fairly binary” approach to fintech. On
the one hand, they aim to foster environments where new ideas can flourish,
promoting competition, consumer choice and economic growth. He cited regulatory
sandboxes as an example of mechanisms that allow controlled experimentation.
Ashley Alder, the CEO of FCA
با این حال،
regulators must also remain alert to new risks arising from fintech, where
developing common international approaches is essential to protect stability
و رقابت
"
failure of SVB and other problems with banks last year was a prime illustration
of how technology has massively accelerated the speed at which bank runs can
develop,” Alder said. “This requires smart policy responses which don’t
increase moral hazard.”
However, it is important that تنظیم does not impede the development of an industry that is already on the brink of crisis.
Troubles of the UK’s Fintech Sector
In 2023, the fintech sector in the United Kingdom experienced a notable decline in funding, as highlighted by a recent report from Tracxn. This downturn saw local fintech companies raising only $4.2 billion, a stark reduction of 63% from the $11.2 billion recorded in 2022. Despite this setback, the UK maintained its position as the second-largest global hub for fintech funding.
منبع: Tracxn
The significant drop in investment to $4.2 billion from the previous year’s $11.2 billion is indicative of the broader macroeconomic challenges currently affecting the sector. Factors such as rising interest rates and inflation have been key in diminishing investor confidence. This decline in funding for fintech startups in the UK is part of a larger, unfavorable trend affecting the global fintech industry.
Magnates مالی had reported at the start of 2023 that global fintech funding had already decreased 30 2022٪, totaling $95 billion. This period proved especially challenging for fintech companies, which experienced greater difficulties securing investments than their counterparts in the broader financial and technology sectors. The downturn underscores the importance of regulatory frameworks that support the industry’s growth without imposing undue barriers, especially as these companies navigate the verge of a crisis.
Big Tech also in Focus
FCA
chief’s speech focused on the evolving role of Big Tech companies
across finance. He raised concerns about the potential for firms like Amazon
and Google to قدرت نفوذ their digital data and activities when combining it with
financial customer information.
Alder said
this data concentration could allow Big Tech to gain “entrenched market
power” through advanced analytics and AI. While benefits may arise from centralized
customer data in a few tech giants, Alder reiterated that regulators globally
need to coordinate addressing incentives and common approaches.
"برای
example, last November the FCA issued a call for input about the way in which
Big Tech firms could gain advantages from their digital activities when they
combine core business data with financial information sourced from different
data sharing mechanisms,” he added.
Commitment to EU
همکاری
در نتیجه،
Alder said the UK and EU “must lead by example” in their bilateral
relationship and interactions with other regulators. He reaffirmed the FCA’s
commitment to seizing opportunities from Brexit while avoiding regulatory
تکه تکه شدن
“We recognize
that in key areas the EU and UK are pursuing similar reforms which, although
not identical, signal common causes,” Alder explained. “We are fully
alive to the dangers of regulatory fragmentation, and while I believe that we
should avoid talking about reforms in terms of ‘divergence’ between the UK and
EU, I can also say that we won’t be pursuing change for change’s sake.”
سن
welcomed last year’s UK-EU cooperation agreement on financial services. He said
deepening information exchange and collaboration with European regulators
remains a priority amidst reform efforts on both sides. He was
officially appointed as the new president of the FCA در ماه ژانویه 2023، اگر چه
information about his transfer firstly appeared in mid-2022. Previously, he
worked as the CEO of Hong Kong’s Securities and Futures Commission.
سر از
the UK’s Financial Conduct Authority (FCA) emphasized the need for global
coordination in regulating financial technology in the dynamically changing
world. The FCA’s Chairman, Ashley Alder, said fintech innovation brings both
opportunities and risks that require “smart policy responses” from
regulators around the world.
در سخنرانی خود در
an event hosted by the UK Mission to the European Union, Alder highlighted
fintech as an area where international cooperation can support firms and
consumers while managing novel risks. He noted that fintech companies now rank
among the top banks in major European economies, driving disruption and
innovation across finance.
مطابق
to Alder, regulators have a “fairly binary” approach to fintech. On
the one hand, they aim to foster environments where new ideas can flourish,
promoting competition, consumer choice and economic growth. He cited regulatory
sandboxes as an example of mechanisms that allow controlled experimentation.
Ashley Alder, the CEO of FCA
با این حال،
regulators must also remain alert to new risks arising from fintech, where
developing common international approaches is essential to protect stability
و رقابت
"
failure of SVB and other problems with banks last year was a prime illustration
of how technology has massively accelerated the speed at which bank runs can
develop,” Alder said. “This requires smart policy responses which don’t
increase moral hazard.”
However, it is important that تنظیم does not impede the development of an industry that is already on the brink of crisis.
Troubles of the UK’s Fintech Sector
In 2023, the fintech sector in the United Kingdom experienced a notable decline in funding, as highlighted by a recent report from Tracxn. This downturn saw local fintech companies raising only $4.2 billion, a stark reduction of 63% from the $11.2 billion recorded in 2022. Despite this setback, the UK maintained its position as the second-largest global hub for fintech funding.
منبع: Tracxn
The significant drop in investment to $4.2 billion from the previous year’s $11.2 billion is indicative of the broader macroeconomic challenges currently affecting the sector. Factors such as rising interest rates and inflation have been key in diminishing investor confidence. This decline in funding for fintech startups in the UK is part of a larger, unfavorable trend affecting the global fintech industry.
Magnates مالی had reported at the start of 2023 that global fintech funding had already decreased 30 2022٪, totaling $95 billion. This period proved especially challenging for fintech companies, which experienced greater difficulties securing investments than their counterparts in the broader financial and technology sectors. The downturn underscores the importance of regulatory frameworks that support the industry’s growth without imposing undue barriers, especially as these companies navigate the verge of a crisis.
Big Tech also in Focus
FCA
chief’s speech focused on the evolving role of Big Tech companies
across finance. He raised concerns about the potential for firms like Amazon
and Google to قدرت نفوذ their digital data and activities when combining it with
financial customer information.
Alder said
this data concentration could allow Big Tech to gain “entrenched market
power” through advanced analytics and AI. While benefits may arise from centralized
customer data in a few tech giants, Alder reiterated that regulators globally
need to coordinate addressing incentives and common approaches.
"برای
example, last November the FCA issued a call for input about the way in which
Big Tech firms could gain advantages from their digital activities when they
combine core business data with financial information sourced from different
data sharing mechanisms,” he added.
Commitment to EU
همکاری
در نتیجه،
Alder said the UK and EU “must lead by example” in their bilateral
relationship and interactions with other regulators. He reaffirmed the FCA’s
commitment to seizing opportunities from Brexit while avoiding regulatory
تکه تکه شدن
“We recognize
that in key areas the EU and UK are pursuing similar reforms which, although
not identical, signal common causes,” Alder explained. “We are fully
alive to the dangers of regulatory fragmentation, and while I believe that we
should avoid talking about reforms in terms of ‘divergence’ between the UK and
EU, I can also say that we won’t be pursuing change for change’s sake.”
سن
welcomed last year’s UK-EU cooperation agreement on financial services. He said
deepening information exchange and collaboration with European regulators
remains a priority amidst reform efforts on both sides. He was
officially appointed as the new president of the FCA در ماه ژانویه 2023، اگر چه
information about his transfer firstly appeared in mid-2022. Previously, he
worked as the CEO of Hong Kong’s Securities and Futures Commission.
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- منبع: https://www.financemagnates.com//fintech/fca-chief-urges-global-collaboration-on-fintech-regulation/
