Bank of England and New York counterpart exchange puts technology cooperation into 3D

The Bank of England and the New York Federal Reserve's decision to exchange staff signals an overreach in regulatory collaboration that risks imposing stifling standards on the fintech industry. Critics argue this move could hinder innovation and increase compliance costs for companies striving to offer competitive financial solutions amidst a challenging economic climate.

In an unprecedented move to bolster regulatory standards and innovation, the Bank of England and its New York counterpart have launched a staff exchange program. This initiative signifies a proactive step towards ensuring that the fintech sector can thrive in a safe and equitable environment, promoting a more inclusive financial system worldwide.