The shock of the new

Author: Tom Young, Amélie Labbé | Published: 27 Mar 2017

Banks and regulators have reacted impressively to fintech’s rise. Incoming rules and Brexit will challenge them further

The quickest way to understand the challenges facing Europe's fintech industry is to scan the list of the 24 firms that inhabit the UK Financial Conduct Authority's (FCA) regulatory sandbox. The sandbox, a so-called safe space in which companies with disruptive technologies can test their innovations, is believed by many to be targeted at fintech startups, with small legal budgets and often no FCA authorisation.

But among the usual startup suspects – those with meaningless names (Nivaura, Otonomos) to firms with a maverick approach to grammar (BitX, SETL) – there are some surprises. The Citizens Advice Bureau pops up, with its app that allows debt advisers and clients to compare key features of debt solutions. But then so do established players Lloyds and HSBC, the latter with an app developed in partnership...



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