LONDON: The Bank of England opening up its balance sheet to payment companies and tech firms such as Facebook would bolster Britain's 7 billion pound fintech sector just as it faces tougher competition from Europe after Brexit.
Banking analyst John Cronin said the Bank could also be taking out insurance if the rapid advances of technology at payment companies dent the ability of commercial banks to make enough money as payment companies. Facebook's cryptocurrency plans would turn it into a systemically important financial firm, Carney said.
Britain's government and financial regulators have been encouraging the fintech sector for several years, seeing it as a growth sector that already employs around 60,000 people.
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