4  BIS Review 90/2009  The Bank of Italy’s new rules on the transparency of banking and financial services represent a thorough overhaul with respect to the past. Customers must be provided with information that is easy to understand and effectively useful for determining whether the transactions proposed are in their interest and for assessing the correctness of the person making the proposal.
In other countries, such as Singapore, the authorities may cooperate with fintech firms to develop specific services – possibly through partnerships – in what are commonly called “incubators”.