Regulators need to make fintech rules coherent

Author: Karry Lai | Published: 13 Nov 2018

Regulators must have a better understanding of the data they hold, while financial institutions need to have a better hold of the information they manage.

Banks grapple with on average 18 new regulation changes in a day. The problem is exacerbated when there are multiple regulators handling different regulations with varying objectives.

Nilixa Devlukia, head of regulatory at Open Banking, and former technical specialist for payments, strategy and competition at the UK Financial Conduct Authority, told delegates at the Finovate Asia forum during Hong Kong Fintech Week last week, that one of the problems regtech should aim to resolve is how regulators digest information. ...