KCN EU laws were beneficial for UK’s FinTech

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The EU laws helped to shape FinTech sector of the UK. In a report to the Financial Times, founder of the Starling bank Anna Boden, noted about fears that the Brexit could see the sector stalling. Anne Boden is concerned, due to Brexit, the UK could miss laws, such as the Payment Service Directive Two (PSD2), which forces banks to open their data to new entrants. System allows third parties to help people manage their accounts and weaken the stranglehold of banks in relation with customers. PSD2 enter into force in 2018.
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