Banks Should Innovate In Payments System, Experts Tell MPs

By Najiyya Budaly (October 12, 2021, 5:23 PM BST) -- Experts from the payments sector called on lenders in Britain on Tuesday to get ahead of financial technology companies and the central bank by creating innovative payments products such as stablecoins.

Stanford University professor Darrell Duffie and Simon Gleeson, a partner at Clifford Chance LLP, urged the banking sector to wake up from its lethargy in its approach to disrupting the payments sector.

The experts told the House of Lords Economic Affairs Committee that technology companies are entering the payments arena by offering stablecoins, such as Facebook-backed Diem. Regulators have raised concerns that the incursion of tech companies into financial services...

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