Our role as a regulator is to try to ensure that financial institutions are adequately managing these risks, even though the horizon for their realisation could be decades away. FinTech presents opportunities for banks and consumers as well as for financial stability. We are engaging with industry and we are willing to help where we can.
FinTech can contribute to both the soundness and efficiency of the financial system, whether through improved payment systems or a greater diversity of institutions, and by implication fewer systemically important entities. Consumer benefits could be substantial as a result of increased availability and speed of services, greater competition and reduced costs of payments.