FinTech sector needs more regulatory oversight

WIESBADEN, Germany (Reuters) – Financial technology companies require greater oversight because they have the potential to disrupt the banking industry and could threaten financial stability, Bundesbank President Jens Weidmann said on Wednesday. So-called Fintechs typically use advances in technology to provide cheap and easy-to-access services, from transfers and trading to crowdfunding, operating largely outside of banking regulations. “Getting a clearer picture of fintechs’ business activities is essential if we are to better understand whether and in what way they might pose a threat to financial stability,” said Weidmann, who sits on the European Central Bank’s Governing Council. Read more: