Central banks are not fintech accelerators – Bundesbank official
German payments authority says fintech should receive equal regulatory treatment to banks
Central banks should not act as a catalyst for disruptive financial technologies (fintech), says a top German supervisor, and regulators need to ensure new firms providing banking services receive equal regulatory treatment.
"We have to be clear about what roles we have – we are not just a company, we are public authorities with public mandates. I think it is quite clear that if fintech assumes a role that requires supervision, they should have to comply with the rules," said Dirk Schrade
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