In the wrong hands, fintech can be abused

LAST month, I wrote a commentary entitled “Beware the fintech fraudsters”.

In a nutshell, the concern raised was that like all new innovations, in the wrong hands, financial technology or fintech can be abused. Regulations play a key role in ensuring that the industry develops in a healthy way for consumers to enjoy better access to financial services, which is the raison d’etre of fintech.