Last month, academics met to examine co-produced codes and tools relating to auditing, reporting standards and financial technology (FinTech).
The event, which took place at Newcastle University London, saw industry experts and policy makers come together to comment on the current challenges in the FinTech industry. FinTech is currently undergoing a process of considerable transformation, with around £10 billion being invested in FinTech start-ups worldwide. The gradual rise in the digitalisation of financial transactions has commercial, governance and regulatory implications.
Participants from a wide variety of backgrounds, including students and industry companies attended the event, which was the first step in creating a network to promote the ongoing debate surrounding the future of FinTech. Amongst the attendees were Daniel Brody (Director of the Centre for Financial Regulation and Innovation), Gavin Littlejohn (FinTech stakeholder conveyor at Open Banking), Richard Brunt (Managing director of FENICS, and John Crisp (Director of product strategy at FENICS).
Adam Afriyie (MP for Windsor) delivered a keynote speech highlighting the key perspectives of the government for the FinTech industry and how the UK is aiming to lead not only in Europe, but also the World, to become the key FinTech provider. A panel discussion followed, discussing the key inputs to main policy implications and challenges associated to FinTech in the UK. Discussions on auditing and regulations attracted a lot of interest from the audience, and Adam Afriyie welcomed recommendations and more detailed conclusions on improving the auditing practice for the industry.
This event was related to the Business School’s ERSC Impact Acceleration award that is jointly granted to Dr. Marwa Elnahas and Dr. Karen Elliott of Newcastle University and Prof. Julian Williams of Durham University. A follow up event has been organized to be held at Newcastle University.
published on: 21 July 2017