The public interest view which dates back to Pigou (1938) contends that, by addressing market failures, governments regulate banks to facilitate their efficient functioning.1 Since banking crises impose significant social and economic costs, their prevention is often an explicit goal of public policy.
Indeed, it is the very nature of Fintech to modify the rules of the game, including those that have existed between the market and the regulator for decades. We deemed last year as the year of breakthrough in FinTech in our country, with the number of licences granted tripling.