The announcement comes as part of a wider package of measures the government is hoping will boost the UK’s fintech and financial services industries. As part of the policy, the government will establish a Centre for Finance, Innovation and Technology as well as the second phase of its Digital Sandbox to allow companies to test concepts that tackle sustainability and climate change-related challenges.
“Our vision is for a more open, greener, and more technologically advanced financial services sector,” said the chancellor Rishi Sunak. “The UK is already known for being at the forefront of innovation, but we need to go further.