Basel Committee weighs opportunities and risks linked to fintech
Financial supervisors should be alert to the risks associated with the introduction of fintech in the industry, but their policies should also embrace the opportunities it can offer, says a report by the Basel Committee on Banking Supervision.
Potential benefits “include expanding access to financial services (financial inclusion), reaching under-served consumers, reducing transaction costs, providing greater transparency with simpler products and clear cost disclosures,” the report says.
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