What has changed a decade after the global financial crisis? Except for the last phases of Basel III – a worldwide structure created to advance budgetary framework soundness – most post-emergency prudential arrangements have now become distinct. Banks, specifically, have come a long way. They are becoming all around promoted and increasingly fluid.

Regulators now see significant opportunities in developing new tools to manage risks and enhance the efficiency, safety and soundness of firms and markets. Therefore, their attention is turning from post-crisis reforms to a new set of emerging risks and priorities.

With this change, regulatory and supervisory policies are focusing on digital transformation of financial services, difficulties and hazards posed by technological development, fresh market participants and changing company models.

On the global stage, growth of emerging market players with their own priorities is an increasing factor. Fintech, on one hand, is seen more as an opportunity than a challenge in developing economies where applications of new technologies are evolving quickly and driven by new participants.

 

Blockchain revolutionising financial services industry

Concurrently, banks are demanding blockchain-related technology services. As this continues, more information is expected to put the blockchain technology to a level of great importance. Ang Xing Xian, CEO and co-founder of CapitalBay, stated that “blockchain technology is not a grey area of regulation. Instead, it can help solve problems and even coexist peacefully with regulation”. Countless banks can reap huge benefits from this. Cross-border transfers under blockchain technology can protect indiscrimi...

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