Britain’s Chancellor Says FinTech is the next Industrial Revolution

Fintech will change the way people do business and how they access their money, according to Philip Hammond, Chancellor of the Exchequer.

While speaking at an inaugural International Fintech Conference in London, Hammond said that FinTech had the opportunity to fundamentally transform the structure of the world economy and how we live our day-to-day lives.

He said:

FinTech will transform the way we live and do business. Whether it is cashless transactions between friends, sending remittances to family in other countries or apps that automatically invest savings at the best rates, FinTech provides consumers with better services, more choice, and lower costs.

Projected Growth in FinTech

After a trip to India and witnessing the benefits the industry can provide, Hammond believes that the fintech sector has the opportunity to further expand on its services.

He added:

It has the potential to transform financial inclusion across the developing world too with more than a billion people now biometrically enrolled in that country and 220 million new bank accounts opened in the last 18 months alone.

Importantly, though, while London remains the

Read more ... source: CryptoCoinsNews

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