UK Treasury announces modernization plan for payment services

The UK Treasury and Economic Secretary Lucy Rigby announced a series of measures at London Fintech Week aimed at modernizing payment service regulation and enhancing fintech competitiveness. The plan includes establishing a single regulatory framework, integrating traditional and tokenized payments, and legislating for stablecoin payments to alleviate administrative burdens. Chris Woolard has been appointed as a leader in wholesale digital markets, responsible for promoting the tokenization of financial assets and related strategies. The plan also involves AI proxy payment regulatory adjustments, granting FCA new powers to regulate Open Banking, adding £ 1 million in funding to CFIT, and merging payment system regulatory agencies into FCA.