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Asked what is the number one business trend impacting the banking, financial services, and insurance (BFSI) industry, Geoswift CEO Raymond Qu was quick to point to regulation as finally catching up with innovation.
“With the emergence of a rising number of Fintech technologies, the regulatory landscape is continually changing and BFSI organizations will continue to invest vast resources to stay on top of the evolving rules and policies. We are seeing a growing divergence in global regulatory standards. Regulators are increasingly aware of the need to protect the integrity of local BFSI market while ensuring that they remain competitive,” he elaborates.
He cites the impact of the General Data Protection Regulation (GDPR) as continuing to reshape privacy and data ownership policies. He sees local regulators as considering if similar rules are needed for their markets.
At the same time, he concedes that most BFSI organizations would like to see innovation and not regulations as the driving force behind their business and marketing strategy. “Having said that, BFSI is advised to prepare for and make compliance modernization a priority in the coming year. They have to make regulatory systems already in place more efficient for their business”, Qu adds.
Excerpt from FinTech Innovation, 2018
Dec-17-2018 / Latest News, Media Coverage
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