Fintech companies can equalize rights and obligations with banks
Internet companies are increasingly active in the financial services market.
Regulators in China and other countries are considering introducing stricter regulations for technology companies providing financial services.
“Regulators around the world are responding to the expansion of the Internet banking services companies and are considering whether the rules should apply to these companies in the same way as for banks or they only provide access to banking services. In my opinion, most technology companies may want to become partners of banks because they do not want to take on additional regulatory burdens, such as rules against money laundering, ”says head of the board of directors of HSBC Douglas Flint.
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About this, Mr. Flint said on Thursday at a speech in the London business school Cass Business School, reported the publication Financial Times. He doubts that technology companies will be able to guarantee the safe use of personal data of citizens. “An important question that everyone should think about is who owns your data, how it is protected and who will be 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, the chairman of the Institute of International Finance, who interacts with regulators and politicians on behalf of the world's 500 largest financial institutions.
Earlier, the South China IT-corporation Tencent launched the Internet service WeBank, the first private bank in China. In June, the Chinese Internet giant Alibaba launched its own Internet bank MYBank. Last fall, the Apple Pay payment system was launched, last week Google announced the launch of its own Android Pay payment service. In August, Samsung also demonstrated its payment system Samsung Pay.
Similar innovations in the field of e-commerce were proposed by Roskomnadzor of Russia. "Megamind" wrote that at the end of June the Federal Service for Supervision of Consumer Rights Protection and Human Rights issued an amendment to the law "On Protection of Consumer Rights". The agency believes that in the Russian online retailer market there are “unscrupulous” stores and aggregators. They receive money into the account as intermediaries between sellers and buyers, but if problems arise, it is almost impossible to bring them to justice. The Office proposed to introduce the possibility of blocking such sites and consider Internet retailers as an independent subject of responsibility.
Regulators in China and other countries are considering introducing stricter regulations for technology companies providing financial services.
“Regulators around the world are responding to the expansion of the Internet banking services companies and are considering whether the rules should apply to these companies in the same way as for banks or they only provide access to banking services. In my opinion, most technology companies may want to become partners of banks because they do not want to take on additional regulatory burdens, such as rules against money laundering, ”says head of the board of directors of HSBC Douglas Flint.
')
About this, Mr. Flint said on Thursday at a speech in the London business school Cass Business School, reported the publication Financial Times. He doubts that technology companies will be able to guarantee the safe use of personal data of citizens. “An important question that everyone should think about is who owns your data, how it is protected and who will be 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, the chairman of the Institute of International Finance, who interacts with regulators and politicians on behalf of the world's 500 largest financial institutions.
Earlier, the South China IT-corporation Tencent launched the Internet service WeBank, the first private bank in China. In June, the Chinese Internet giant Alibaba launched its own Internet bank MYBank. Last fall, the Apple Pay payment system was launched, last week Google announced the launch of its own Android Pay payment service. In August, Samsung also demonstrated its payment system Samsung Pay.
Similar innovations in the field of e-commerce were proposed by Roskomnadzor of Russia. "Megamind" wrote that at the end of June the Federal Service for Supervision of Consumer Rights Protection and Human Rights issued an amendment to the law "On Protection of Consumer Rights". The agency believes that in the Russian online retailer market there are “unscrupulous” stores and aggregators. They receive money into the account as intermediaries between sellers and buyers, but if problems arise, it is almost impossible to bring them to justice. The Office proposed to introduce the possibility of blocking such sites and consider Internet retailers as an independent subject of responsibility.
Source: https://habr.com/ru/post/294650/
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