UK must ‘break chains’ of regulation to boost neobanks

The UK government needs to “break the chains” of financial regulation holding back growth at neobanks, according to MPs.

A new report from an all-party parliamentary group said the “one-size-fits-all” approach to banking regulation was slowing down the growth of neobanks, which are seen by the group as key for the future of the UK economy.

The report also argued that challenger banks are key to the UK’s “levelling up goals”, and recommended loosening rules to allow new banks to lend money in underdeveloped regions.

GSTechnologies (LON:GST) overall development of the group includes large customer accounts and growing their blockchain payment and financial services business, with blue sky opportunities in new Disruptive Technologies with synergy to their existing business.

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