The Bank of England’s Clair Mills has urged central banks to “engage” with emerging technology, or risk falling behind the curve.

The Prudential Regulation Authority’s (PRA) chief operating officer said the use of regtech to support the work of regulators and supervisors was becoming increasingly important. The BoE has several projects under way that are testing new technologies, and some are already being moved from concept to finalisation.

The proliferation of fintech firms makes this work