Fintech needs better oversight as risks grow, FSI says

bis-tower-basel
The BIS tower in Basel

The growing use of technology in finance demands a better oversight framework, as new players and business models may pose operational risks, the Financial Stability Institute says.

In a policy brief for the FSI, an organisation set up by the Bank for International Settlements and the Basel Committee on Banking Supervision, Jermy Prenio and Fernando Restoy look at several significant changes.

“Open finance” has allowed smaller players to connect to the financial system more easily. Large tech

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