With financial technology as the designated theme of the
gathering, the Chancellor will herald Britain’s approach to
using technology to save customers money, and open up the
market to popular new banking apps.
Britain will use its world-leading expertise and influence
in finance to shape global views towards new financial
technology, will say at the IMF
Annual Meetings in Bali.
He will add that he wants Britain to lead global efforts to
design a regulatory approach to cryptoassets and
distributed ledger technology.
This will mean people are able to manage their money and be
confident it is safe, while allowing the life-changing
potential of any new financial technology to flourish.
He will also confirm that the UK’s crypto taskforce will
this year publish its report on the UK’s approach to
cryptoassets.
Speaking before departing for the Annual Meetings, the
Chancellor of the Exchequer, , said:
International cooperation has made our financial system
safer, simpler and fairer since 2008.
At home, our banking reforms have protected people and
given them more confidence that their money is safe.
The UK’s world-leading expertise means that we are in a
unique position to shape the future approach to emerging
technology like blockchain so that they benefit
businesses, people and the economy.
This week I’ll be making sure British interests are
represented at the very top of international finance.
Britain is embracing technology such as Open Banking to
give customers more choice managing their money, he will
explain at the Annual Meeting.
Open Banking gives consumers a more detailed understanding
of their accounts, helping them find new ways of making the
most of their money.
While at the IMF, the Chancellor will hold talks with
fellow Finance Ministers including US Secretary to the
Treasury, Steve Mnuchin, where he will reaffirm UK backing
for the Joint Comprehensive Plan of Action and its benefit
to businesses and shared security.
He will also hold talks with Japanese Finance Minister,
TarÅ AsÅ, and the Governor of the People’s Bank of China,
Yi Gang.
The Chancellor will urge his colleagues to work together to
guard against new and emerging risks to the global
financial system, and also to take advantage of the
opportunities presented by closer international
cooperation, including for financial technology and
innovation and boosting global trade.
