the provision of data by the banking sector is also part of the developments in progress. Regulators are nowadays confronted with this very rapid technological change and the emergence of Fintechs which offer new financial services based on new technologies. The development of these players allows users to benefit from new added- value services at lower cost, but constitutes a challenge for regulators in the sense that it is accompanied by new risks which must be controlled to ensure the protection of the end consumer and guarantee the stability of the financial system. Central Banks are thus faced with a major challenge: having regulations that are flexible enough to support the rapid development of fintech and firm enough to avoid any uncontrolled drifts. In this sense, several Central Banks are trying to make changes to their regulatory frameworks to attain a proactive regulation, which can be done in real time or even by exception (tailored regulation). This could not be done, unless the regulator has a good grasp of
White Paper on innovation and technology at the service of finance
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