The UK Treasury has unveiled a plan to modernize payment services, which will promote asset tokenization and AI payment regulation.

Techub News reported that during London Fintech Week, UK Treasury and Economic Secretary Lucy Rigby announced a series of core measures aimed at modernizing payment regulation and enhancing the competitiveness of fintech. The plan will also explore regulatory adjustments for payments involving AI agents and grant the UK Financial Conduct Authority (FCA) new powers to oversee the future development of Open Banking. Other measures include an additional £1 million in funding for the Centre for Finance, Innovation and Technology (CFIT), and plans to merge the Payment Systems Regulator (PSR) into the FCA to streamline regulatory processes.