Government pledges £10m to support fintech research

The government has launched a research initiative to address the development of distributed ledger technology, and has pledged £10m to support the development of financial technology (fintech). Distributed ledgers help financial services firms handle identities, debts, contracts and transactions across the globe, and are commonly used to verify and authenticate digital transactions using virtual currencies such as bitcoin. The government’s interest stems from the growth of digital currencies and fintech firms in the UK, as well as London’s continued status as the world’s premier financial services powerhouse. Harriet Baldwin (pictured), economic secretary to the Treasury, announced the £10m of funding in a speech at the British Library about the £42m fund allocated to big data research at the Alan Turing Institute for Data Science and its benefits to the fintech…


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