Co-Chair of the All-Party Parliamentary Group on Fintech
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As a passionate advocate for the potential of technology and the opportunities presented by the 4th industrial revolution, I’m delighted to be invited to be this month’s ‘Parliamentary Tech Champion’.
My interest and policy focus is firmly on the ways in which new technologies can serve us all. Technology does not need to be miraculous but it must be sufficient. Does it solve a problem? Does it enable and include?
I co-chair the APPG on fintech and am particularly concerned with the challenge of ensuring digital exclusion does not exacerbate financial exclusion. Fintech can, and absolutely should, be mobilised as a solution rather than a problem, a tool to enable and empower.
This is why I am campaigning for an “Access to Digital Payments Review” along the same lines as the Government’s recent successful Access to Cash Review. I will be looking at ways to introduce this in the upcoming Financial Services and Markets Bill.
Another significant item in the current Parliamentary calendar is the Electronic Trade Documents Bill.
This will put electronic trade documents on the same legal footing as paper documents and will have huge ramifications for the deployment of distributed ledger technologies and development of frictionless trade.
I have been calling on the Government to look at the challenges and opportunities of this technology for improving public services since my 2017 report “Distributed Ledger Technologies for Public Good: leadership, collaboration and innovation”. A progress update was published in November 2018.
I am a member of the House of Lords SelectCommittee on Science and Technology and have previously co-authored House ofLords Select Committee Reports on: Democracy and Digital Technologies, Artificial Intelligence and Digital Skills. I am also co-chair of Parliamentary Groups on, AI, Blockchain, AssistiveTechnology.
Lord Holmes of Richmond is a Conservative Member of the House of Lords and Co-Chair of the All-Party Parliamentary Group on Fintech.
Each month we invite a leading member of the UK’s parliament to share their thoughts on technology and innovation in the UK.