Regulators must work alongside all stakeholders and not only the incumbents to try to understand the disruptive innovations and the policy implications thereof. It is important to emphasise the point of incumbents, as Rajan and Zingales eloquently set out the role that incumbent coalitions play in financial system developments but also underline how such coalitions may hold back financial sector development.
3 Lastly, regulators need to be agile and forward thinkers and appreciate that their role extends beyond simply regulating. Their role is to help facilitate progress with the ultimate objective of improving the quality of peoples’ lives. Thank you.