The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksHSBC Holdings Share News (HSBA)

Share Price Information for HSBC Holdings (HSBA)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 706.40
Bid: 707.20
Ask: 707.30
Change: 7.20 (1.03%)
Spread: 0.10 (0.014%)
Open: 700.80
High: 708.00
Low: 700.60
Prev. Close: 699.20
HSBA Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Britain seeks to boost banking services from fintechs

Mon, 17th Apr 2023 11:45

LONDON, April 17 (Reuters) - Britain's financial regulators said on Monday they would set up a new body over the next two years to encourage more competition in banking services through the use of third-party apps from fintech firms.

Open banking refers to third-party firms using banking data from customers at mainstream lenders to offer tailored services such as lending or payments, a sector that has helped to turn Britain's fintech sector into the world's third largest with 2,500 companies.

Open banking, currently used by about 7 million consumers and businesses, was launched by an order from Britain's Competition and Markets Authority in 2018 requiring nine banks to share data with outside companies, if customers give permission.

Regulators now want to move to the next stage of setting up a long-term body to help boost uptake of open banking and widen it to other parts of the economy - and help London flourish as a global fintech centre post-Brexit and help provide more company listings to compete with New York and EU financial centres.

"We will also work with open banking participants over the next few months to undertake further analysis of the options for the structure, governance and funding of the future entity," the Financial Conduct Authority and Payment Systems Regulator said in a joint statement.

"While significant progress has been made, there is more to be done to deliver the full benefits of open banking within retail banking markets, and beyond," the statement said.

The recommendations from regulators will keep up momentum in open banking and extend its benefits to other sectors, said Marion King, chair of Open Banking Limited, which checks on whether the nine banks comply with open banking rules on customer data.

Britain is keen to push open banking to the next stage following Brexit to attract more fintechs to set up in Britain as the European Union is poised to compete with its own version of open banking.

"It's rare that legacy firms have the ability to innovate at the pace required to make the most of changing technology and to keep us internationally competitive," Britain's financial services minister, Andrew Griffith, told UK fintech industry body Innovate Finance's annual conference.

The data protection draft law, now going through parliament, will be used to put open banking on a sustainable footing, Griffith said.

The regulators said the UK fintech sector is successfully leveraging open banking technology, but industry officials on Monday warned government and regulators against complacency.

"This will be the year of delivery on next generation of open banking. We won't rest on our laurels," Griffith said.

Britain's fintech sector ranks third after the United States and China, with investment in UK fintech totalling $12.5 billion last year, said Chris Hayward, policy chief at the City of London Corporation, which administers the capital's financial district.

"Global competitiveness is the name of the game now," Hayward said.

Industry officials said upcoming tougher consumer protection in Britain must not hobble fintech players.

"We now need to see proportionate regulation," said Janine Hirt, CEO of Innovate Finance, the UK fintech industry body. (Reporting by Huw Jones; Editing by Jason Neely, Mark Potter and Christina Fincher)

More News
Today 16:11

Kazakhstan opens thorny debate on 2025 OPEC+ oil quotas

LONDON, May 14 (Reuters) - Kazakhstan opened on Tuesday a thorny debate on OPEC+ production levels, saying it believed it should be allowed to pump more oil in 2025, when all current output cuts by the producer group are due to expire.

Read more
Today 06:27

UK ministers, companies visit Saudi Arabia to boost trade ties

(Alliance News) - UK Cabinet ministers are visiting Saudi Arabia in a bid to bolster trade links with the kingdom amid reports that Riyadh authorised the use of lethal force to clear land for a new desert city.

Read more
9 May 2024 17:33

London's FTSE 100 hits record for fourth session after BoE signals rate cuts

FTSE 100 up 0.3%, FTSE 250 adds 0.2%

*

Read more
9 May 2024 17:06

STOXX 600 ends at record high; BBVA weighs on Spain

Mercedes-Benz, HSBC, Allianz trade ex-dividend

*

Read more
9 May 2024 15:21

London close: Stocks manage gains as BoE holds rates

(Sharecast News) - London markets closed on a positive note on Thursday, bolstered by the Bank of England's decision to maintain interest rates, in line with market expectations.

Read more
9 May 2024 09:53

LONDON BROKER RATINGS: NatWest target raised, other lenders backed

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

Read more
8 May 2024 12:30

Abu Dhabi's Aldar sell $500 mln in 10-year green sukuk

May 8 (Reuters) - Abu Dhabi's largest real estate developer Aldar Properties Has launched $500 million in 10-year green sukuk, an arranging bank document revealed on Wednesday.

Read more
8 May 2024 07:41

Al Rajhi Bank plans to issue 5.5-year sustainable sukuk, document says

May 8 (Reuters) - Al Rajhi Bank, world's largest Islamic bank in assets and market capitalisation, is planning to sell 5.5-year sustainable Islamic bonds, or sukuk, according to an arranging bank document seen by Reuters on Wednesday.

Read more
8 May 2024 07:18

Aldar Properties starts selling 10-year green sukuk, document says

May 8 (Reuters) - Abu Dhabi's largest real estate developer Aldar Properties has started selling 10-year green Islamic bonds, or sukuk, according to an arranging bank document seen by Reuters on Wednesday.

Read more
7 May 2024 11:30

JPMorgan cuts at least six investment banking jobs in Hong Kong, sources say

HONG KONG, May 7 (Reuters) - JPMorgan Chase & Co has become the latest Wall Street firm to reduce its workforce in Hong Kong, two sources with knowledge of the matter said, amid a weaker market and dealmaking activities.

Read more
7 May 2024 08:30

Abu Dhabi developer Aldar picks banks for 10-year green sukuk

May 7 (Reuters) - Abu Dhabi's largest real estate developer Aldar Properties has hired banks for its 10-year green sukuk offering, an arranging bank document showed on Tuesday.

Read more
4 May 2024 23:51

Ping An votes against reappointment of HSBC CEO as director, source says

May 4 (Reuters) - China's Ping An Insurance Group Co the biggest Asian investor in HSBC PLC did not support reappointing chief executive Noel Quinn as a director to the banks board at the its shareholder meeting, a source familiar with the matter told Reuters on Saturday, as the investor voted against such a move.

Read more
4 May 2024 08:37

Norway wealth fund to back Barclays CEO, chair at AGM

OSLO, May 4 (Reuters) - Norway's $1.6 trillion sovereign wealth fund, one of the world's largest investors, supports the reappointment of Barclays CEO C.S. Venkatakrishnan and Chair Nigel Higgins to the British bank's board, the fund manager said on Saturday.

Read more
3 May 2024 07:50

LONDON BRIEFING: InterContinental Hotels makes first-quarter progress

(Alliance News) - London's FTSE 100 is called to open higher on Friday, on the expectation of a softer US jobs report, which could take some sting out of hawkish Federal Reserve interest rate expectations.

Read more
3 May 2024 06:30

HSBC facing shareholder pressure over green finance ahead of AGM

(Alliance News) - HSBC Holdings PLC is facing pressure from shareholders over green finance ahead of its annual general meeting.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.