David Ramsden: Openness and integration - the new finance and new economy in a global context

Speech by Sir David Ramsden, Deputy Governor for Markets and Banking of the Bank of England, at Bund Summit, Shanghai, 27 October 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Intro

It is my great privilege to address you today. I would like to extend my sincere thanks to the China Finance 40 Forum, Huangpu District Government and the Shanghai Finance Institute for the opportunity to address this esteemed summit. I am here speaking on behalf of the Bank of England, the UK's central bank, where I am the Deputy Governor with responsibility for our financial markets and banking policy and operations, a key element of which is fintech.

China and the UK are both leading global centres of financial innovation. We share economies where commerce is rapidly becoming digital and financial systems are evolving in response. We share populations that are increasingly open to new finance providers and new financial products. We also share a common goal of ensuring regulators manage and regulate appropriately, to ensure the financial system remains sound, both domestically and globally.