The Basel Committee on Banking Supervision (BCBS) has launched a consultation on the implications of fintech for the financial sector.
The consultation assesses how fintech may affect the banking industry and the activities of supervisors in the near to medium term. It considers potential scenarios in the banking industry and case studies focusing on technology developments (such as big data, distributed ledger technology, and cloud computing) and fintech business models (including innovative payment services, lending platforms and neo-banks).
The BCBS makes a number of observations and recommendations on supervisory issues for consideration by banks and bank supervisors.
Comments are due by 31 October 2017.
To the consultationreport