Mark Carney: Building the infrastructure to realise FinTech's promise

Speech by Mr Mark Carney, Governor of the Bank of England and Chairman of the Financial Stability Board, at the International FinTech Conference 2017, London, 12 April 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

I am grateful to Nicola Anderson, Sharmista Appaya, Alice Carr, Helen George, Andrew Hauser, Rosey Jeffrey, Varun Paul, Gregory Stevens and Iain de Weymarn for their assistance in preparing these remarks.

Introduction

It's a pleasure to be in this historic setting at the heart of the world's leading international financial centre and its global hub for FinTech.

Such leadership reflects the UK's inherent strengths: its people, law, language and time zone.  And it is testament to the City's fundamental belief in markets and innovation.

Over the centuries, we have learned that markets and innovation thrive with the right hard and soft infrastructure: hard infrastructure ranging from transport links to broadband and payments architecture; and soft infrastructure from the rule of law to market practices, codes of conduct, and regulatory frameworks.