Douglas Flint, the Chairman of HSBC, pointed out this week that regulators in China and elsewhere are increasingly considering regulating technology companies that provide financial services. Is there a difference between internet companies providing banking services or just providing access to banking services?
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Technology groups warned on stricter financial regulation
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Douglas Flint said in a speech at Cass Business School in London on Thursday: “Regulators all around the world are reflecting on the extent that internet companies are providing banking services and whether they should be regulated as such, or whether they are just providing access to banking services.” But he said: “My view is that most technology companies will want to be partners of banks” because they would find the extra “burden of regulation” — such as compliance and anti-money laundering rules — is “not something they want to take on”.
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