Embracing the promise of fintech

According to one survey, 52% and 70% of SMEs said they were aware of P2P lending and crowdfunding platforms in 2017-18, up from 47% and 60% the previous year. Competition is positive, but could have implications for the business models of some firms. [...]the PRA seeks to understand the impact on an...

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Bibliographic Details
Published in:	Bank of England. Quarterly Bulletin 2019-01, Vol.59 (1), p.1-13
Main Authors:	Mnohoghitnei, Irina, Scorer, Simon, Shingala, Khushali, Thew, Oliver
Format:	Article
Language:	eng
Subjects:	Banking Big Data Business models Consumers Financial institutions Financial services Infrastructure Innovations Internet access Payment systems Peer to peer lending Regulation of financial institutions Remittances Smartphones Startups Transfer of funds Venture capital
Online Access:	Get full text
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Summary:	According to one survey, 52% and 70% of SMEs said they were aware of P2P lending and crowdfunding platforms in 2017-18, up from 47% and 60% the previous year. Competition is positive, but could have implications for the business models of some firms. [...]the PRA seeks to understand the impact on and strategic response of the banks and insurers it supervises to this competitive challenge. [...]the Bank monitors fintech developments such as non-bank lending and cryptoassets to understand their potential impact on monetary policy. (37) For example, the FPC analysed the implications of P2P lending in November 2018 and judged it was not likely to pose a threat to UK financial stability in the medium term. [...]in light of this, the FPC agreed that it was not necessary to recommend any changes to regulation at this stage.
ISSN:	0005-5166 2399-4568