Bezpieczny Bank nr 4 (77) 2019, s. 50-62
dr Mateusz Folwarski – University Economics in Cracow
JEL codes: E58, G21
Challenges of central banks as regulators to the development of the FinTech sector
Companies from the innovative technologies sector implement their solutions on the financial market. Their dynamic development is, amongst other things, caused both a loss of trust in traditional financial market entities and a change in consumer preferences related to the increasing use of financial services through electronic banking, specifically mobile banking. These trends, as well as legal regulations (e.g. the PSD2 Directive), and also the possibility of obtaining banking licenses by FinTech, have led to revolutionary changes on the financial markets. This is why there is a great challenge for central banks in the regulation and constant monitoring of entities from the FinTech sector that provide financial services. In connection with these changes, a survey was conducted among central banks asking them for opinions on the FinTech sector. As part of the research, numerous opinions were obtained which according to central banks indicate, among others, on:
• the positive impact of the FinTech sector on the banking market
• the need for cooperation between the banks and the FinTech sector, rather than establish competition
• the specific analysis of cybernetic risk as a threat due to the growing scale of FinTech’s operations
central bank, FinTech sector
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