Asia’s virtual banks need regulator oversight to guard data, BIS says

Regulators will need to ensure banking customers' data is protected as virtual banking generates much more data on customers. which can be used by other financial institutions. — AFP

The rise of virtual banking across the Asia region will boost financial inclusion, but regulators will need to ensure consumer data is protected, according to a new paper from the Bank for International Settlements.

Although access to bank accounts is increasing, the use of the financial system to save and borrow is low both for developing economies and those with high levels of income and education, a gap that can be closed by technology, according to research from the BIS.