Arab Reinsurance Company: a new dimension
Home   |   Sitemap   |   Contact us
Follow us on
Is Climate Litigation Covered by Insurance? - Social Inflation or Science: What Is Fueling Climate Litigation? - Fortegra Europe Opens Branch in Czech Republic - Vantage launches Construction and Political risk business - UK Insurers Cautiously Willing to Underwrite Fire Safety Risks - Insurtech Foxquilt Raises $8M to Expand Small Business Offering in U.S. and Canada - Speciality Re/Insurer Convex Launches European Subsidiary With A- Rating From S&P - Debt surge in emerging markets may hurt insurance outlook: Swiss Re - Zurich Insurance Weighs Selling Some Australian Non-Core Assets - Reinsurers Face Major Claims Uncertainties, but Reap Benefits of Pricing Tailwinds - Corvus, SiriusPoint announce investment & underwriting capacity partnership - Munich Re backs energy storage systems provider ESS - Climate Change Could Force 200 Million People to Leave Their Homes by 2050 - Work of the scientific community and re/insurers needed to assess climate change: Lloyd’s - Gallagher Re Touts Advanced Integrated Reinsurance Analytics Platform - London Financial Employees Return to Offices Despite Rising Virus Cases - P/C Reinsurers Maintain Underwriting Discipline, Despite Rising Capacity: Guy Carpenter - Britain Looks to Revisit Data Privacy Regulations - WTW, Applied Systems target real-time pricing enhancements - Reinsurance environment “most attractive in a decade”: SCOR’s Launay - Willis Towers Watson’s New CEO Says It Has $5 Billion for Possible Acquisitions - Lloyd’s Reports H1 2021 Profit of £1.4B ($1.9B), with 92.2% Combined Ratio - Global Reinsurers Shoulder ‘Considerable Burden’ of COVID-19 Claims - “Inflation is the enemy of the re/insurance industry,” says Swiss Re CFO Léger - Global Reinsurance Rates, Demand to Continue Rising in 2022: Moody’s - Prudential’s Michael Koller joins MS Amlin as Chief Risk Officer - Rates need to and will harden further: Swiss Re CEO Mumenthaler - Russia’s Renaissance Insurance Plans $1 Billion IPO in Moscow: Reuters
Search Search
World News & Events
Enlarge Font Minimize Font

FinTech has power to disrupt global finance says IMF’s Lagarde

Monday, 06 10 2019, Category: Technology, Country: World
The rise in financial technology, or FinTech, has the power to significantly disrupt the global financial system because of the increasing presence of tech giants in areas such as payments, International Monetary Fund managing director Christine Lagarde said.

“A significant disruption to the financial landscape is likely to come from the big tech firms, who will use their enormous customer bases and deep pockets to offer financial products based on big data and artificial intelligence,” Ms Lagarde told a FinTech symposium held on the sidelines of the G20 finance leaders’ meeting in Fukuoka, Japan, according to Reuters.

While such innovation from the world’s biggest tech firms could help modernise financial markets, it could give them a concerning monopoly and mean many of the world’s cross-border payment and settlement mechanisms fall under their control, she said.

Among other things, FinTech helps to speed up payments and remittances transactions and strengthens the underlying monitoring systems that record such transactions.

Global interest in FinTech has soared in recent years, as more players enter the market and demonstrate how advanced technology can be deployed to cut costs and better serve customers. Banks and other institutions are looking to collaborate with emerging FinTech operators to future-proof their businesses, or risk becoming obsolete as tech-enabled rivals provide cheaper, faster services.

But Ms Lagarde said the growing participation of technology firms in the financial services industry poses risks and increases the need for tight regulation of the fast-growing FinTech sector.

“This presents a unique systemic challenge to financial stability and efficiency, and one I hope we can touch on during the G20, and address in a cooperative and consistent fashion,” she said.

Source: The National - UAE
All copyrights reserved, Arab Reinsurance 2016 ©