New Borders or No Borders?
Facing up to the new-tech reality in payments
New technologies and our networked society have become a huge challenge for traditional banks and regulators. Platformization and the rapidly evolving consumer behaviour erode the established position of FSIs that are dependent on legacy systems. New players using emerging technology view tech-savvy consumer communities as a base to service, irrespective of geographical location. Existing borders are increasingly viewed as irrelevant, presenting a serious challenge to regulators. Libra could embrace hundreds of regulatory jurisdictions.