BoE To Offer Opportunities To Tech Companies Ahead of Brexit
Opening up the Bank of England’s balance sheet to payment companies and tech firms like Facebook would strengthen Britain’s £7 billion ($9 billion) fintech sector, especially as it encounters stiffer competition from Europe post-Brexit.
Mark Carney, who is the BoE Governor has announced that the Bank will consult next year on offering an “appropriate” level of access to its £500 billion balance sheet for new payment providers, aiming to level the playing field with the big banks that currently dominate the payments landscape.
If the BoE approves this move, it would become the first major central bank globally to grant non-banks direct access to its funds, potentially drawing interest from large technology companies like Amazon and Apple that are expanding into payments.
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