Bundesbank President WeidmannJens Weidmann has said that it is necessary for fintech firms to be more aware of their potential to affect the banking sector by threatening financial stability. Fintechs tend to focus on technological advances to offer low cost and easy to access services, often outside of set banking regulations. Jens Weidmann commented that "getting a clearer picture of fintech's business activities is essential if we are to better understand whether, and in what way, they might pose a threat to financial security".
Bundesbank President Jens Weidmann has said that it is necessary for fintech firms to be more aware of their potential to affect the banking sector by threatening financial stability. Fintechs tend to focus on technological advances to offer low cost and easy to access services, often outside of set banking regulations. Weidmann commented that "getting a clearer picture of fintech's business activities is essential if we are to better understand whether, and in what way, they might pose a threat to financial security".