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In a paper published this week, the organizers of the World Economic Forum in Davos have reiterated a need to act in a coordinated fashion in light of advances in fintech.
Many of the focus areas for regulators have been discussed previously, with the working group encouraging 1) a debate on ethical data usage, 2) public-private dialogue on transformation, 3) standards for monitoring innovation and 4) proactive standard setting in areas such as risk management and data-sharing.
In addition to the well-flagged dangers from unregulated groups launching fintech products without adequate safeguards, the paper cites the likelihood that traditional finance companies will take excessive chances as they race to keep up with newcomers. Its authors want a new forum for the public and private sector to prioritise the most promising fintech areas, a debate on the ethical use of financial data, a standardised approach to fintech regulation internationally and a set of industry standards for fintech.
https://next.ft.com/content/0e992e84-056d-11e6-a70d-4e39ac32c284
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