Fintech Debate – Can we talk about a fair playing field?
“Sadder and wiser, we have put a lot of effort into implementing stricter rules for Financials. Regulators feel the pressure of society – as a consequence, the recent financial crisis resulted in total ‘control’ of banks. But Fintechs, the Googles, the Alipays, seem to belong to a different class. These are growing fast in an atmosphere of sympathy for anything “non-bank,” and are perceived as new, innovative, and challenging. They have also by-passed the established banks who are imprisoned by many barriers such as strict regulation, special balance sheet requirements, and the burden of a bad reputation.
But who is regulating the Googles, the Alipays, etc.? We have seen a swift move of money and influence from the traditional FSI to the glossy world of Fintech. Do we need the same controls here? We still talk about the same mass retail markets, the same need to transact, the same need to finance, and the same need to be profitable…
So, what is different? Is it time to talk about a fair playing field? Food for thought.”
– By Harry Smorenberg, Chairman of the Global Payment Summits
Join the discussion panel on The Big Shift in Fintech – More Rational Investments at GPS for an insightful debate between key stakeholders in the Fintech space!
This dynamic debate would be complete with critical Fintech representation. Does your Fintech company have something to offer to the conversation? We would be excited to discuss your possible role. Let us know and contact Joyce Ang directly email@example.com.