Fintech Firms Are Innovative but Pose Little Risk to Financial System: G20 Watchdog

As the fintech sector continues to innovate and find tech-savvy ways to shake up traditional banking – from cross-border payments to blockchain enhanced transactions – a global financial watchdog suggests these firms pose no immediate risk to the current system, as reported by Reuters.

The Financial Stability Board (FSB), which manages financial regulation across the G20, is currently in the process of analyzing the consequences and benefits of fintech. Svein Andresen, secretary-general of the FSB, said that "much hype" surrounds the fintech sector and it remains important for authorities to "stay on top of developments." "In our judgement, most fintech at this stage, have not come to a point where systemic financial system risks are posed," he said in a speech on November 3rd at the Chatham House 'Banking Revolution' conference in London.

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