Sixth Form student, Lev Titov, has been offered a paid internship at The Bank of England this Summer, having been selected as a winner in its recent Innovation Competition.
The Bank of England’s mission is to maintain monetary and financial stability. It asked UK students to create a short video or a presentation that answers the question: How does fintech impact the mission of the Bank of England?
The bank awarded ten students with the best entries a paid summer internship and these winners – including Lev – will work within the data and technology teams
Lev says: “I am really pleased to have won the Bank of England’s Innovation Competition. I hope to find the internship very rewarding. I am hoping to make a career in economics, either in banking or in macroeconomic consultancy, so an internship at the BoE, an institution that is integral to the economy and to economics, will provide invaluable experience.
“I would highly recommend other students to apply to as many competitions as they can! The gist of my presentation was that fintech was disrupting and undermining commercial banks, which are integral to the conduct of current central bank monetary policy. This would ultimately mean that fintech would make controlling inflation harder, as orthodox policies such interest rates or quantitative easing become ineffectual. I proposed introducing a central bank digital currency that could replace the financial plumbing that will be fragmented by fintechs. I think my use of key words such as ‘unbundling of value chains’ really did it!”
Well done, Lev!
"Lev has a real passion for Economics and this is yet another example of him finding an opportunity to delve deeper into the subject. It's great to see the Bank of England recognising his talents and awarding him with a paid internship."
Mr Doepel, Head of Economics & Business
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