The Future Of The US And The UK: Regulations, Innovation And Investment

In part one of my two-part comparison between the American and British fintech ecosystems, I explored a growing trend of open banking and what it could mean for the modern consumer. Now that we understand the implications of open banking for companies, banks and individuals, what specific opportunities for disruption can be identified in these two fintech markets?

Unless you are a policy aficionado or obsessed with fintech (like me), you probably don’t care much about regulation. However, regulation is crucial for shaping what we can and can not build in fintech. Regulation is the cornerstone of fintech innovation, and seeing what policymakers have in mind for the future will be critical to understanding what the next wave of fintechs will look like.

In the U.S., there is a clear path towards not only open banking but more comprehensively open finance. Construction of this path began in July of 2021 with President Biden’s Executive Order on Promoting Competition in the American Economy, which focused on upholding antitrust laws, increasing competition and continuing to expand upon Dodd-Frank s1033.

Read more