Ant’s Setback Holds a Lesson for All Fintechs: Elisa Martinuzzi
Digital finance has gained popularity during the pandemic, and regulators are taking notice.
Speaking in October to his banking brethren at the world’s biggest payments confab—the annual Sibos conference—Jamie Dimon didn’t mince words. The rise of financial technology companies, warned JPMorgan Chase & Co.’s chief executive officer, will see some banks “go the way of the dinosaur.”
In the world of finance, as in many other parts of the economy, Covid-19 has accelerated a shift to digital interactions that was already under way. And it hasn’t gone unnoticed by regulators. In Asia, Europe, and the U.S., central banks and other regulators are increasingly focused on how technology companies could come to dominate financial services, undermining the stability of the systems the watchdogs are entrusted to preserve.