September 18, 2015 at 19:19Fintech companies can level their rights and obligations with banks
Internet companies are increasingly active in the financial services market.
Regulators in China and other countries are considering introducing tighter regulation on technology companies providing financial services.
“Regulators around the world are responding to the expansion of the activities of Internet companies to provide banking services and are considering whether the rules for these companies should be applied as for banks or only provide access to banking services. In my opinion, most technology companies may want to become partners with banks because they will not want to take on additional regulatory burdens, such as anti-money laundering rules, ”says HSBC Bank CEODouglas Flint.
Mr. Flint said this on Thursday at a speech at the London Cass Business School, the Financial Times reported . He doubts that technology companies will be able to guarantee the safe use of personal data of citizens. “An important issue that everyone should think about is who owns your data, how it is protected and who will be held responsible if something goes wrong,” he continues.
The head of HSBC works closely with Chinese regulators, he is an adviser to the mayors of Beijing and Shanghai, chairman of the Institute of International Finance, which interacts with regulators and politicians on behalf of the 500 largest world financial institutions.
Earlier, South China IT corporation Tencent launchedWeBank Internet service, the first private bank in China. In June, Chinese Internet giant Alibaba launched its own Internet bank, MYBank. Last fall, Apple Pay was launched ; last week Google announced the launch of its own Android Pay payment service . In August, Samsung Pay also demonstrated its Samsung Pay payment system .
Similar innovations in the field of e-commerce were proposed by Roskomnadzor of Russia. Megamind wrotethat at the end of June Rospotrebnadzor published amendments to the law "On Protection of Consumer Rights". The agency believes that there are "unscrupulous" stores and aggregators on the Russian online retail market. They receive money into the account as intermediaries between sellers and buyers, but if problems arise, it is practically impossible to bring them to justice. The agency proposed to introduce the possibility of blocking such sites and consider online retailers as an independent subject of responsibility.
Regulators in China and other countries are considering introducing tighter regulation on technology companies providing financial services.
“Regulators around the world are responding to the expansion of the activities of Internet companies to provide banking services and are considering whether the rules for these companies should be applied as for banks or only provide access to banking services. In my opinion, most technology companies may want to become partners with banks because they will not want to take on additional regulatory burdens, such as anti-money laundering rules, ”says HSBC Bank CEODouglas Flint.
Mr. Flint said this on Thursday at a speech at the London Cass Business School, the Financial Times reported . He doubts that technology companies will be able to guarantee the safe use of personal data of citizens. “An important issue that everyone should think about is who owns your data, how it is protected and who will be held responsible if something goes wrong,” he continues.
The head of HSBC works closely with Chinese regulators, he is an adviser to the mayors of Beijing and Shanghai, chairman of the Institute of International Finance, which interacts with regulators and politicians on behalf of the 500 largest world financial institutions.
Earlier, South China IT corporation Tencent launchedWeBank Internet service, the first private bank in China. In June, Chinese Internet giant Alibaba launched its own Internet bank, MYBank. Last fall, Apple Pay was launched ; last week Google announced the launch of its own Android Pay payment service . In August, Samsung Pay also demonstrated its Samsung Pay payment system .
Similar innovations in the field of e-commerce were proposed by Roskomnadzor of Russia. Megamind wrotethat at the end of June Rospotrebnadzor published amendments to the law "On Protection of Consumer Rights". The agency believes that there are "unscrupulous" stores and aggregators on the Russian online retail market. They receive money into the account as intermediaries between sellers and buyers, but if problems arise, it is practically impossible to bring them to justice. The agency proposed to introduce the possibility of blocking such sites and consider online retailers as an independent subject of responsibility.