TORONTO: Technology companies pose a competitive threat to established lenders, the head of Royal Bank of Canada said, adding he was keen to work with start-ups to improve the company's mobile offerings.
RBC chief executive David McKay said he was positioning Canada's largest bank to compete with technology firms that have expanded into the money-moving business but don't "bear the financial and social costs of a deposit taking organisation, nor the obligations of financial regulation."
Already a subscriber? Log in.
Limited time offer:
Just RM5 per month.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!