Christine Lagarde, the IMF Managing Director/Bloomberg
The IMF Managing Director said that while the huge leaps being made in financial services technology help with inclusion and modernising markets, there are also issues with privacy, competition and market concentration.
Sunday 09, June 2019
(Bloomberg) --International Monetary Fund (IMF) Managing Director Christine Lagarde shone a light on the darker side of fintech developments at the gathering of finance and central bank chiefs from the Group of 20 nations.
"China’s technology industry is a prime example of this trade-off between benefits and challenges,” said Lagarde.
"Over the last five years, technology growth in China has been extremely successful and allowed millions of new entrants to benefit from access to financial products as well as the creation of high-quality jobs but it has also led to two firms controlling more than 90 per cent of the mobile payments market,” added Lagarde.