New technologies, and new entrants, offer opportunities and risks The possibilities of new technologies are a central theme in the discussion around innovation. There is no doubt that new applications of technology – like big data, AI/machine learning and distributed ledger technology - offer opportunities to drive innovation and enhance efficiency along with countervailing risks to be recognised and managed.
The emergence of new players in the payments environment is another key trend. Across the world, we have seen e-commerce powerhouses and social network providers (also referred to as BigTech) expanding their businesses into the payment system space. BigTech are getting interested in the opportunities for money and payments presented by new technology.