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Fintech Explosion Demands Joint Effort on Oversight, Report Says

  • Davos group's study points to `urgent need' for collaboration
  • Steps urged to spur competitions while preserving stability

An influential group including executives from some of the world’s biggest banks is calling for public-private partnerships to lead the way in developing regulations for the burgeoning financial-technology industry.

Governments and businesses should create bodies that enable them to work together on rules to govern technologies that are transforming everything from the capital markets business to consumer payments, the World Economic Forum said in a report released Tuesday. The efforts could help ensure companies don’t escape oversight by slipping though “supervisory cracks,” according to the report.