In some cases, integration is achieved when a bank acquires a fintech firm. 9 In the countries where online retail trade is most developed, the leading fintech players include tech giants such as Apple, Google, Amazon and Facebook in the United States, and Alibaba and Tencent in China.
Entry at the standard fluctuation bands of ± 15 per cent gave the Bank ample room for manoeuvre. Thus, when capital inflows resumed following ERM entry, the Bank allowed the exchange rate to appreciate relative to its central rate, helping to maintain the tight monetary-policy stance and to contain the inflationary impact of the devaluation.