What we know is that part of the intermediation chain and of the payment system is moving outside the traditional financial ecosystem. Incumbents are feeling the pressure of these changes. The potential for efficiency gains, increased accessibility to financial services and lower enduser costs are great, but great opportunities always come with great risks.
Safeguarding against risks without curbing innovation is the challenge regulators will face in the near future. Existing rules have been designed for traditional activities and intermediaries. It is more and more difficult to understand how, when, and to which agents they can be applied. The temptation to over-regulate, minimizing the risks at the expenses of innovation, may be great.