Regulators ‘should harness technology’

Advanced Search

The story appears on

Page A9

June 22, 2017

GET this page in PDF

Free for subscribers

View shopping cart

Regulators ‘should harness technology’

By Feng Jianmin | 00:01 UTC+8 June 22, 2017 |

Print Edition

FINANCIAL regulators should utilize technology and monitor the size of innovative businesses to tackle risks brought by financial technology, experts told the annual Lujiazui Forum yesterday.

Deng Zhiyi, director-general of the trust institution supervision department of the China Banking Regulatory Commission, compares the future financial market to a road of self-driving cars as financial institutions increasingly become automated.

Existing regulatory methods are not capable of handling the new risks, just as traffic police are unable to deal with the legal issues of self-driving systems.

Fintech, or financial technology, poses new risks as the involvement of technology companies in the financial system complicates data security and risk management, Deng said.

The changing landscape requires regulators to impose new compliance requirements in the automated process as one possible solution to tackle new risks.

Macau Monetary Authority’s Chairman Teng Lin Seng, said technology brings benefits and risks.

It is up to regulators to keep the sector on the right course, he added.

He said regulators must allow space for innovative businesses within the existing legal and regulatory framework, while maintaining real-time powers to either punish or encourage such new businesses.

Finance Column

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

Regulators ‘should harness technology’

Email this to your friend