Asian Banks Urge Regulators to Allow More Fintechs
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The Asia Securities Industry and Financial Markets Association recently called on regulators to allow more technologies, especially those that would make KYC “know your customer” checks easier and cheaper.
Mark Austen, the CEO of the industry group said that fintech solutions bring a lot of potential for the industry, but they have not been embraced as quickly as needed by regulators around the world.
Austen also pointed out that compliance and costs have become an onerous task for most banks and brokerages, and it is possible for these institutions to cut costs and improve compliance by automation.
Source: CNBC