Thus, he admits that the rules are softer in a first phase for fintechs that interact with banks and help digitise many operations in a short period of time.
Should there be more control over these companies? Wim Mijs advocates for a degree of flexibility as they are companies still in the process of experimentation and “no one wants to kill entrepreneurship”. They find cheap and agile solutions at the technological level that take banks years to find and if banks don’t wake up someone else will get their business.” The partnerships between banking and fintech are fantastic these companies act as a ‘wake-up call’. “Fintechs help us to have smarter and more affordable solutions and allow smaller banks to have access to relevant technology. But when it comes to the technological giants as Amazon or Google the story is different. There must be regulation from the moment they start competing with the banks. A new financial industry that applies technology to improve financial activities is on everyone’s lips these days. The Chief Executive Officer of the European Banking Federation banks need to adjust their credit policies as startups.īanking should not fear the ‘ brave new world of fintechs’. This article was originally published on 10 February 2018 in Portugal’s newspaper Expresso.įind a link to the original publication at the bottom of this translation.īy Isabel Vicente and Pedro Lima, Expresso.pt
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