Bundesbank President: FinTech Needs Greater Regulatory Oversight
Bundesbank President Jens Weidmann has expressed that FinTech requires more regulatory oversight because of its potential to threaten financial stability and the banking sector. In a Reuters report, Weidmann, who is part of the European Central Bank’s Governing Council, is reported as saying that a clearer picture is needed to understand better in what way FinTech could potentially pose a risk to the finance industry. He said: Many believe the most disruptive potential is to be found in blockchain or distributed ledger technology, which promises to allow payment transactions and securities....
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Deutsche Bundesbank President Jens Weidmann recently said that FinTech requires more regulatory oversight because of its potential to threaten financial stability and the banking sector, but some believe this isn’t the case. In a report from PYMNTS, FI.SPAN’s founder and CEO, Lisa Shields, is reported as saying that the FinTech sector can help banks out and boost their commercial B2B business. According to the report, the business commercial banking segment is worth $1.85 trillion worldwide. However, banks are reported to have estimated that around $500 billion of that sum is expected to....
Bundesbank President Jens Weidmann, who is also part of the European Central Bank’s Governing Council, has recently called for sweeping regulatory oversight of the Blockchain. Weidmann is convinced that fintech has immense potential to threaten financial stability and the banking sector. Cointelegraph decided to sort the views of Matthias Klees, a former advisor in Brussels and CEO of EuropeCoin about this. Cointelegraph: What's your response to Bundesbank President Jens Weidmann's call to regulate Blockchain and distributed ledger since it poses a threat to the Banking industry? Matthias....
In a bid to respond to competition from FinTech firms U.K.-based NatWest Bank has announced that it is launching a digital lending platform that promises fast loan decisions to compete with services that peer-to-peer firms provide. In a report from Computer Weekly, the NatWest platform, known as the Esme platform, will offer unsecured loans to SMEs of up to £150,000. The FinTech industry is quickly gaining ground on traditional banking services, which is seeing banks ramping up their efforts to keep financial technology companies at bay. By doing so, banks such as NatWest are launching....
Germany’s central bank is hosting a four-day conference on blockchain this week. Dubbed “Blockchain Technology – Opportunities and Challenges”, the event is being organized by the Deutsche Bundesbank in partnership with the Frankfurt School of Finance and Management. Topics up for debate include the future of bitcoin and applications of the tech in both finance and beyond.’ The event is drawing attendees from regulatory bodies like the Bundesbank, the European Central Bank and the Prudential Regulation Authority, as well as startups like Monax, Digital Asset Holdings, Ripple and R3. The....
U.S. FinTech investments in 2016 reached $4.27 billion illustrating that the financial technology sector in the country is continuing to grow at a significant pace. However, with this amount of FinTech investment you would naturally assume that the U.S. is one country where the topic of regulation is not an issue, reports Tech Crunch. And yet, that’s not the case. According to a report from Reuters in 2016, investments declined by around 30 percent in the U.S. even if the nation did still manage to bring in over $4 billion. However, while the U.S. is producing FinTech companies that are....