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Ripple Comments on Mark Carney’s Speech on Fintech Regulations
Danny Aranda, managing director Europe, Ripple comments:
“We strongly agree with Mark Carey’s comments that innovation in fintech, especially when in collaboration with banks, can provide next generation products that go a long way to unlocking financial inclusion and better meet the needs of customers.
“However, despite continuous innovation in the FinTech industry, the risks it poses are not new. Managing these risks has always been and remains of utmost importance. As a financial industry, we have a well-founded principle-based framework for mitigating risk that is a natural starting point for this discussion. We believe it is the responsibility of the whole industry to ensure that risk is always considered in the development and refinement of new and existing products.
“We’re grateful that Mr. Carney has drawn attention to this issue once again and it is important to continuously remind the industry that it is through maintaining the highest of standards that fintech’s potential will be fully realised.”
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