Regulators must “wake up” to fintech challenge – IOSCO chief

David Wright, Secretary General of IOSCO

The explosion in new technology-driven start-ups offering a range of alternative financial services is fast-becoming one of the biggest challenges for traditional regulators, the head of an international securities watchdog said on Thursday.

These so-called “fintech” firms offer services ranging from peer-to-peer lending to crypto-currency exchanges, typically operate outside the regulated financial services space and are seen by bankers and think tanks, including the World Economic Forum, as a major threat to entrenched financial players.

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