Innovate Finance Global Summit 2017: Regtech And Open Banking Explored

The combination of regulation and technology, known as "regtech" these days, was riding high on the agenda at this year's Innovate Finance Global Summit at the Guildhall in London. Because Bitcoin is unlikely to replace the Bank of England this year or next, let's look at what's actually happening in reality, one speaker suggested. Framed as such, all fintech is really regtech, and regulators have become the unlikely instigators of new realms of innovation. The U.K.'s Financial Conduct Authority (FCA) is an acknowledged leader in this field, especially so in London before a home crowd. Chris Woolard, director of strategy and competition, FCA, said the regulator had copied the way testing was done in the pharmaceutical industry.