Global banking authorities are monitoring financial technology developments to guard against risks to stability and competition, a senior international standard-setter said, in remarks that pointed to potential initiatives beyond capital and liquidity standards.
William Coen, secretary general of the Basel Committee on Banking Supervision, told a Brussels conference** that he understands the concerns from lenders about competition from fintech companies with lighter rules.
“We will continue to watch very carefully what happens in this space,” Coen said. “Are there any prudential-stability concerns? Are there undue level-playing-field concerns?”
“I’m not convinced about that yet, but we will be watching,” he said.
Global bank authorities watch fintech's impact on stability, competition, Coen says
24 May 2018 7:29am