HONG KONG: The explosion in new technology-driven start-ups offering a range of alternative financial services is fast-becoming one of the biggest challenges for traditional regulators, the head of an international securities watchdog said.
These so-called “fintech” firms offer services ranging from peer-to-peer lending to crypto-currency exchanges, typically operate outside the regulated financial services space and are seen by bankers and think tanks, including the World Economic Forum, as a major threat to entrenched financial players.